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Gold Today –New York
closed at $1,741.30 down $7.10. This morning, Asian and London dealers took
the price down slightly alongside a declining euro ahead of London’s
opening. It was Fixed at $1,741.00 down $6.25 on yesterday morning’s
Fix. In the euro it was Fixed at €1,347.002 down €2.5, while the
euro was slightly weaker at €1: $1.2925. Ahead of New York’s
opening, gold was weaker at $1,738.75 and in the euro at €1,347.55.
Silver Today – New
York closed at $34.00 down 8 cents. It then traded at $33.90 in
London’s day before trading at $33.87, ahead of New York’s
opening.
Gold (very short-term)
Gold is
expected to consolidate, moved by the euro, with a weaker bias, in New York
today.
Silver (very
short-term)
Silver is
expected to consolidate, moved by the euro, with a weaker bias, in New York
today.
Price Drivers
Gold & Silver – The gold and
silver prices are again locked in consolidation mode. Just as we thought it
was going to break through resistance it slips back. Just as we see it
slipping back as though the rally is fading, it turns around to attack
resistance again. Last week we saw a clear upward direction given, but this
week the strength, at this moment in time, appears insufficient to break resistance.
But this could change in a heartbeat.
The technical picture is again pointing to some significant moves in
the longer term patterns, which are moving to join the short-term patterns.
Rather like a change of tide in the sea, the picture is complicating itself.
Now is the time to keep closely in touch with market moves because of this
changing pattern, as it will directly affect your investments suddenly. A
sudden strong move will not give you time to correct any mistakes as it will
be a long-term move not simply the usual trading ‘to and fro’
moves.
The gold price leads the silver price. The gold price is moved,
long-term, by significant Asian demand as well as central bank demand. But
its value is not simply a factor of demand and supply. The value of the
currencies in which it is priced are themselves
variables, distorting the purity of the demand and supply factors. It is
these variables that can and do affect monetary [‘safe-haven’]
demand. This makes for a complicated world of gold, but one that is gaining
in significance. We have written many articles that focus on these
complications, which we believe will have a growing significance in 2013
onwards. That’s why we see the gold market as the most fascinating of
worlds. [Subscribe to our newsletters
at www.GoldForecaster.comand www.SilverForecaster.com]
Silver – The silver price is marking time waiting for gold to show the way
forward.
Regards,
Julian D.W. Phillips
for the Gold & Silver Forecasters
Global
Gold Price (1 ounce)
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Today
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3 days ago
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Franc
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Sf1,603.74
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Sf1,596.84
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US
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$1,723.25
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$1,719.25
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EU
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1,328.69
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€1,322.25
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India
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Rs.92,542.83
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Rs.92,607.40
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