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Today's AM fix was USD 1,573.00, EUR 1,300.54, and GBP
1,015.23 per ounce.
Yesterday’s AM fix was USD 1,571.50, EUR 1,298.12 and GBP 1,011.91 per
ounce.
Silver is trading at $26.98/oz,
€22.40/oz and £17.46/oz. Platinum is
trading at $1,398.50/oz, palladium at $563.60/oz and rhodium at $1,190/oz.
Gold fell $6.70 or 0.42% in New York yesterday and
closed at $1,577.20/oz. Gold traded sideways in a very tight range (1,572.20
- 1,578.27/oz) in Asia remains in this range after
the open in Europe.
 
Cross Currency Table
Gold fundamentals are strengthened as the
Eurozone’s debt crisis deepens. Moody’s Credit rating agency
downgraded its outlook on the Netherlands, Germany and Luxembourg to
negative.
Market watchers see this as the initial step in cutting
Europe’s top 3 rated economies of their AAA credit rating.
The downgrade was due to Greece’s increased
chances of exiting the financial block and increased risk from Spain and
Italy on the single currency.
Today the troika meet in
Athens to review how Greece is meeting its strict austerity commitments to
their creditors.
Contagion remains likely given the root cause of the
crisis has not been tackled.
Gold is currently testing a monthly support level on
the Ichimoku Kinko Hyo
chart.
Ichimoku builds on candlestick charting to improve the
accuracy of forecast price moves.
Popular in Japan, Ichimoku is
gaining traction in the west and many proponents, including Bloomberg, due to
its charting accuracy.
Bloomberg functions show that the last three times this
happened, the price rallied from the support level by 127%, 83% percent and
141%.
Ichimoku, which means "one look", is an
analytical tool that uses price medians to gauge momentum and identify levels
of support and resistance at a glance.
Gold Monthly $/oz, July 2005 – Present
(Bloomberg)
The General Overview Chart (GOC) displays the Ichimoku Kinko Hyo equilibrium
analysis that was developed by Goichi Hosoda, and is commonly referred to as an Ichimoku chart. These charts combine three technical
indicators to define a price trend.
Close and mid prices are manipulated to generate a
pattern of signals that are plotted 26 days in the past, 26 days in the
future, and along with the current price data. Practitioners of the Ichimoku technique use these charts to identify
short-term momentum, long-term trends, and price objectives.
For breaking
news and commentary on financial markets and gold, follow us on Twitter.
NEWS
Gold Set to Climb as European Crisis Increases
Demand for Haven - Bloomberg
Gold steady but euro zone worries weigh
- Reuters
Spain, Greece Fears Pressure Gold
– Wall Street Journal
CFTC’s Chilton Sees Silver Probe Concluding
This Year - Bloomberg
COMMENTARY
Gold Continues To Move Towards The Financial System
- GoldSeek
The War on Silver - SilverSeek
65 Year Old Video Says Gold Is 'Good Money'
– Zero Hedge
Embry - Expect Shortages Of Gold As Soon As Next
Month – King World News
Things That Make You Go Hmmm - Such As The Fiscal
Cliff – Financial Sense
Mark
O’Byrne
Goldcore
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