Morning Gold Fix – November 24, 2010
FMX | Connect – www.fmxconnect.com - (Reported 11/24/2010)
The following is a summary of yesterday’s US gold activity and a recap of Asia & European markets overnight. It includes our proprietary options analytics and news stories from industry professionals.
Summary
December Gold settled at $1377.60 per 100 troy ounces on Tuesday, a net gain of $19.80 for the day.
December gold was down $0.1 to $1377.5 per 100 troy ounces as of 8:00 AM EST this morning. The December U.S. dollar index was down 0.007 to $79.755. January platinum was up $8.3 to $1666.0 per 50 troy ounces. December silver was down 10.2 cents to $27.470.
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Daily Technical Overview
DEC GOLD
The market remains in a peaking turnover and still targets selloffs to test recent congestion lows. A drop through 134790 projects a retracement to 1323*-131560. A close under 1323* alerts for a larger unfolding bear selloff. We may again see corrective consolidation trade creep to a test of 138790*. Trade contained by 8790* should keep trend forces biased to the downside and lead into a downturn next week. A close over 138790* is needed to rekindle bull forces.
DEC SILVER
Current rallies have muscled a bullish turn, calling for secondary advances to attack the last swing high. A push over 28175+ should spark rallies. We may see a slip to 2-3 sideways consolidation days. But holding corrections over 2609*+ should build a staging level for rallies. A close under 2609* is needed to highlight a reversal to start selloffs against last week’s low.
DEC COPPER
The market remains in a bear down trend with potential to weekly support at 35375. Yesterday’s drop off suggests a bear flag downturn and calls for selloffs to drop against the last swing low. A close under 36065 should release a selling wave to 35375. We may see modest rebounds lead to additional sideways flagging congestion for a few days, but stalled rallies at 380+ hints for a return to selloffs.
In the News
Bloomberg (Reported 11/24/2010)
“Gold fluctuated in London as concerns about Europe’s debt crisis and escalating tensions between North and South Korea boosted demand for a protection of wealth.
Ireland had its long-term sovereign rating cut two steps to A from AA- by Standard & Poor’s, which cited concern about borrowing by the government as the nation seeks aid from the International Monetary Fund and European Union. The United Nations called for talks with North Korea over its shelling of a South Korean island. German business confidence unexpectedly rose to a record high in November.” Gold Fluctuates on European Debt Concern, Increased Tension Between Koreas.
Reuters (Reported 11/24/2010)
“Gold was steady on Wednesday as investors awaited further developments on the conflict in the Korean peninsula amid worries about the euro zone debt crisis.
South Korea warned North Korea of "enormous retaliation" if it took more aggressive steps after Pyongyang fired scores of artillery shells at a South Korean island in one of the heaviest attacks on its neighbour since the Korean War ended in 1953.” PRECIOUS-Gold steady as markets watch Korea, Ireland.
NS Futures (Reported 11/24/2010)
“The dollar continues to gain and the Euro to weaken on concern over the Europe’s debt crisis, but gold has steadied a bit, trading both sides of unchanged overnight. It was quite impressive that gold gained yesterday even when the dollar was trading to its highest level since September 24th.
While equity markets in Asia and Europe were mixed overnight, US stock indices are slightly lower during the early Wednesday trade. The Dollar is moderately stronger against the major currencies during overnight trading.” Daily Metals Commentary.
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