London Bullion Report
Precious metals tick higher ahead of GDP reading
Fri, Jul 31 2009, 07:45 GMT
by James Moore
The Bullion Desk | View company's profile
Vote:

0

0
London, 31 July 2009 - Commodities and equities regained more upbeat sentiment yesterday following strong earnings reports, positive jobs data and good demand at the latest treasury auction. In addition the dollar lost ground ahead of today’s GDP reading, forecast to show the economy contracted just 1.4% in the second quarter compared with a previous reading of -5.5%. The DXY finished 0.4% lower while both the Euro and Yen are in positive territory this morning.
The bounce in equities yesterday saw both the DJIA and S&P500 posting fresh highs for the year before easing, closing with respective gains of 0.9% & 1.2%. Rallies have continued overnight with both the Nikkei and HSI currently up around 1.8%.
Gold was initially confined to a narrow range during Thursday’s Asian session before posting modest gains across European and US trade. The metal set a high of $937.25 shortly before closing at $936.30 and has found further support overnight, trading just short of $940 on the European opening. Gold is likely to reflect the skittish mood in equities and currencies over the next few weeks as thinner summer-holiday markets react to the changing economic picture and knock-on effect this has on investor risk appetite.
Overall we would look for the metal to consolidate in a broad band between $925-65; although we still see the metal at most risk to a deep correction in the short-term.

Silver closed Thursday with a 1.5% gain after rallying to a high of $13.61 and has tracked gold higher this morning. As with gold we expect silver to trade broadly sideways over the next few weeks with chart support seen back towards $12.90 and resistance at $13.65/13.90/14.10.

Platinum finished with a gain of 0.6% yesterday and has traded up to $1200 this morning. Further chart support is expected around the 100DMA ($1165) while resistance above $1200 is seen at $1225.

Palladium firmed back to $260 by the close yesterday. The metal remains supported by improved fundamentals and positive chart picture, further support below is expected around the 20 & 40 DMA (248.50 / 247.90) while clearance of last month’s $266 high could see the metal push up to the $290-310 area.

Published on
Fri, Jul 31 2009, 07:51 GMT
Archive
- Muted start for metals, palladium poised
Published On Fri, Mar 19 2010, 08:41 GMT
- Euro drags precious metals from highs
Published On Thu, Mar 18 2010, 09:19 GMT
- Platinum hits one-month high, gold advances
Published On Wed, Mar 17 2010, 09:19 GMT
- Positive start for precious metals ahead of Fed meeting
Published On Tue, Mar 16 2010, 08:28 GMT
- Gold capped as China rate speculation continues, US ratings concern draws support
Published On Mon, Mar 15 2010, 09:21 GMT
[ View All ]
Legal disclaimer and risk disclosure
TheBullionDesk has taken every precaution to provide the most accurate information possible. However it is provided without warranty or claim of reliablity.
PLEASE READ THIS DOCUMENT CAREFULLY BEFORE ACCESSING OR USING THE SITE. BY ACCESSING OR USING THE SITE, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS SET FORTH BELOW. IF YOU DO NOT WISH TO BE BOUND BY THESE TERMS AND CONDITIONS, YOU MAY NOT ACCESS OR USE THE SITE. THEBULLIONDESK MAY MODIFY THIS AGREEMENT FROM TIME TO TIME, AND SUCH MODIFICATIONS SHALL BE EFFECTIVE IMMEDIATELY UPON POSTING OF THE MODIFIED AGREEMENT ON THE SITE. YOU AGREE TO REVIEW THE AGREEMENT PERIODICALLY TO BE AWARE OF SUCH MODIFICATIONS AND YOUR CONTINUED ACCESS OR USE OF THE SITE SHALL BE DEEMED YOUR CONCLUSIVE ACCEPTANCE OF THE MODIFIED AGREEMENT.
It is accepted by the site visitor on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. The information and data were obtained from sources believed to be reliable, but we do not guarantee its accuracy.
YOU MAY NOT MODIFY, COPY, REPRODUCE, REPUBLISH, UPLOAD, POST, TRANSMIT, OR DISTRIBUTE, IN ANY MANNER, THE MATERIAL ON THE SITE, INCLUDING TEXT, GRAPHICS, CODE AND/OR SOFTWARE. You may print and download portions of material from the different areas of the Site solely for your own non-commercial use provided that you agree not to change or delete any copyright or proprietary notices from the materials. You agree to grant to TheBullionDesk a non-exclusive, royalty-free, worldwide, perpetual license, with the right to sub-license, to reproduce, distribute, transmit, create derivative works of, publicly display and publicly perform any materials and other information (including, without limitation, ideas contained therein for new or improved products and services) you submit to any public areas of the Site (such as bulletin boards, forums and newsgroups) or by e-mail to TheBullionDesk by all means and in any media now known or hereafter developed. You also grant to TheBullionDesk the right to use your name in connection with the submitted materials and other information as well as in connection with all advertising, marketing and promotional material related thereto. You agree that you shall have no recourse against TheBullionDesk for any alleged or actual infringement or misappropriation of any proprietary right in your communications to TheBullionDesk.
YOU ASSUME TOTAL RESPONSIBILITY AND RISK FOR YOUR USE OF THE SITE AND THE INTERNET. THEBULLIONDESK PROVIDES THE SITE AND RELATED INFORMATION "AS IS" AND DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES, REPRESENTATIONS OR ENDORSEMENTS WHATSOEVER (INCLUDING WITHOUT LIMITATION WARRANTIES OF TITLE OR NONINFRINGEMENT, OR THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE) WITH REGARD TO THE SERVICE, ANY MERCHANDISE INFORMATION OR SERVICE PROVIDED THROUGH THE SERVICE OR ON THE INTERNET GENERALLY, AND THEBULLIONDESK SHALL NOT BE LIABLE FOR ANY COST OR DAMAGE ARISING EITHER DIRECTLY OR INDIRECTLY FROM ANY SUCH TRANSACTION. IT IS SOLELY YOUR RESPONSIBILITY TO EVALUATE THE ACCURACY, COMPLETENESS AND USEFULNESS OF ALL OPINIONS, ADVICE, SERVICES, MERCHANDISE AND OTHER INFORMATION PROVIDED THROUGH THE SERVICE OR ON THE INTERNET GENERALLY. THEBULLIONDESK DOES NOT WARRANT THAT THE SERVICE WILL BE UNINTERRUPTED OR ERROR-FREE OR THAT DEFECTS IN THE SERVICE WILL BE CORRECTED.
IN NO EVENT WILL THEBULLIONDESK BE LIABLE FOR (I) ANY INCIDENTAL, CONSEQUENTIAL, OR INDIRECT DAMAGES (INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF PROGRAMS OR INFORMATION, AND THE LIKE) ARISING OUT OF THE USE OF OR INABILITY TO USE THE SERVICE, OR ANY INFORMATION, OR TRANSACTIONS PROVIDED ON THE SERVICE, OR DOWNLOADED FROM THE SERVICE, OR ANY DELAY OF SUCH INFORMATION OR SERVICE. EVEN IF THEBULLIONDESK OR ITS AUTHORIZED REPRESENTATIVES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, OR (II) ANY CLAIM ATTRIBUTABLE TO ERRORS, OMISSIONS, OR OTHER INACCURACIES IN THE SERVICE AND/OR MATERIALS OR INFORMATION DOWNLOADED THROUGH THE SERVICE.
TheBullionDesk makes no representations whatsoever about any other web site which you may access through this one or which may link to this Site. When you access a non-TheBullionDesk Web site, please understand that it is independent from TheBullionDesk, and that TheBullionDesk has no control over the content on that Web site. In addition, a link to a TheBullionDesk Web site does not mean that TheBullionDesk endorses or accepts any responsibility for the content, or the use, of such Web site.
You agree to indemnify, defend and hold harmless TheBullionDesk, its officers, directors, employees, agents, licensors, suppliers and any third party information providers to the Service from and against all losses, expenses, damages and costs, including reasonable attorneys' fees, resulting from any violation of this Agreement (including negligent or wrongful conduct) by you or any other person accessing the Service.
Some of the information on this Web site may contain projections or other forward-looking statements regarding future events or the future financial performance of TheBullionDesk Limited. We wish to caution you that these statements are only predictions and that the actual events or results may differ materially.
This agreement shall be construed according according to the laws of the United Kingdom.
Vote:

0

0
Related reports
Continued Economic Recovery, Low Inflation by Wells Fargo Investments, LLC
Fri, Mar 19 2010, 19:58 GMT
Discount rate discussions keeping floor under bonds by Interactive Brokers LLC
Fri, Mar 19 2010, 14:29 GMT
GoldCore Update: Sterling Gold Near Record Highs as Election Looms and Economic Outlook Uncertain by GoldCore
Fri, Mar 19 2010, 14:28 GMT
Political jitters on the rise in EMEA markets by Danske Bank A/S
Fri, Mar 19 2010, 14:13 GMT
Canada: Core CPI above target in February by National Bank of Canada
Fri, Mar 19 2010, 13:19 GMT
indicator, gdp
[ View All ]
Related content
Indices: FTSE closes with loses, correction
FXstreet.com | Fri, Mar 19 2010, 16:39 GMT
Commodities: Oil collapse follows risk-market reversal
AAP | Fri, Mar 19 2010, 14:49 GMT
Forex: USD/CAD hits 20-month high below 1.0070 after retail sales
FXstreet.com | Fri, Mar 19 2010, 12:40 GMT
Canadian retail sales exceed forecasts
FXstreet.com | Fri, Mar 19 2010, 12:38 GMT
Canada Retail Sales increase 0.7% in Jan, ex Autos rise 1.8%
FXstreet.com | Fri, Mar 19 2010, 12:30 GMT
indicator, gdp
[ View All ]
The FX Trader’s Link » Higher CPI in Canada keeps the currency supported
Fri, Mar 19 2010, 12:11 GMT
The FX Trader’s Link » EURUSD pressured and SNB comments sends EURCHF down
Fri, Mar 19 2010, 01:44 GMT
Índice BSI - Todas las industrias (QoQ) Japón baja a -2.4 en 1Q desde -1.9
Wed, Mar 17 2010, 23:59 GMT
FX Path » Spot Gold - Bearish Correction to Long-Term Uptrend Line
Fri, Mar 12 2010, 01:34 GMT
Chartology » Aussie Continuation
Fri, Mar 12 2010, 01:33 GMT
indicator, gdp
[ View All ]
How to Install Metatrader Indicators - Forex Forum - FXstreet.com
Thu, Mar 4 2010, 07:36 GMT
Sessions - Forex Forum - FXstreet.com
Thu, Mar 4 2010, 07:36 GMT
Bear Bull Power - Forex Forum - FXstreet.com
Thu, Mar 4 2010, 07:36 GMT
B Clock - Forex Forum - FXstreet.com
Thu, Mar 4 2010, 07:36 GMT
AMA Slope - Forex Forum - FXstreet.com
Thu, Mar 4 2010, 07:36 GMT
indicator, gdp
[ View All ]
SPECIAL EVENT: Trade Non-Farm Payrolls LIVE - 29th Edition
Wayne McDonell | Fri, Oct 3 2008, 11:30 GMT
Back to Basics: RSI
Adam Rosen | Mon, Oct 13 2008, 13:00 GMT
Dan Blystone's Daily Briefing
Dan Blystone | Wed, Oct 15 2008, 16:00 GMT
Dan Blystone's Daily Briefing - Free Access Day
Dan Blystone | Thu, Oct 16 2008, 16:00 GMT
Back to Basics: MACD
Adam Rosen | Wed, Oct 22 2008, 14:00 GMT
indicator, gdp
[ View All ]