Morning Gold Fix – October 17, 2011
FMX | Connect – www.fmxconnect.com - (Reported 10/17/2011)
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 $1,683.00 per troy ounce, a gain of $14.50 for the day.
December gold was up $3.3 to $1686.3 per 100 troy ounces as of 8:10 am EST this morning. The December U.S. dollar index was up 0.398 to $77.305. January platinum was up 20.60 to $1575.50 per 50 troy ounces. December silver was up 18.7 cents to 32.36.
Market Recap
Gold rallied on Friday, drawing on a well-spring of European optimism to lift itself higher. The dollar index was also weaker. The afore-mentioned optimism is contingent on a productive G20 meeting early November, but member states have all ready started to hammer out the details. The ESFS has also been approved for additional funding by the EU. While it is still a little early to rate the overall efficacy of the new plan, the early response has been positive.
Market Prices
In the News
Bloomberg (Reported 10/17/2011)
Gold gained to a three-week high in London as concern about Europe’s debt crisis spurred demand for a protection of wealth and as commodities advanced. Group of 20 finance ministers and central banks concluded weekend talks in Paris endorsing parts of the emerging plan to avoid a Greek default, bolster banks and curb contagion. They set an Oct. 23 summit of European leaders in Brussels as the deadline for it to be delivered. Gold Climbs to a Three-Week High on Concern About Europe’s Debt Crisis
Reuters (Reported 10/17/2011)
Gold was steady on Monday, after posting its biggest weekly gain since early September, as investors await concrete steps to tackle the euro zone debt crisis that could come out of a European Union summit this weekend. Finance ministers and central bank governors of the Group of 20 major economies said they expected the October 23 summit to "decisively address the current challenges through a comprehensive plan". Gold steady as investors await Europe deal
Kitco (Reported 10/17/2011)
Comex December gold futures are trading slightly higher in early U.S. dealings Monday. Trading remains choppy on a day-to-day basis but the bulls still enjoy the overall technical advantage. A higher U.S. dollar index Monday morning is limiting gains in the precious metals. Comex Gold Slightly Higher, Hits 3-Week High, But Firmer U.S. Dollar Index Limits Upside
Technical Overview
DEC GOLD
The upside target zone for this pattern is from 1720.60 to 1733.50 with a close under 1666.22 needed to negate a bull trading stance. 2* Market is within proximity of this week's projected support range of 1600.91-1683.00, which may provide a likely zone for bottoming action or rebounds.
DEC SILVER
The downside objectives for this formation range from 3041.50 to 2933.00 with a close over 3237.80 needed to negate a bear trading stance. 2* Market is within proximity of this week's projected support range of 2802.67- 3217.30, which may provide a likely zone for bottoming action or rebounds. 3* The penetration of the recent 3121.50 inside day low provides a bear trend signal.
DEC COPPER
The upside target zone for this pattern is from 346.70 to 353.70 with a close under 334.16 needed to negate a bull trading stance. 2* Market is within proximity of this week's projected resistance range of 358.43-349.06, which may provide a likely zone for topping action or setbacks.
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