London Bullion Report
Precious metals struggle as Euro and equities hit new '09 highs
Thu, Oct 15 2009, 07:52 GMT
by James Moore
The Bullion Desk | View company's profile
Vote:

5

0
London, 15 October 2009 - Continued dollar weakness and positive earnings data further bolstered investor risk appetite yesterday as equity markets set fresh highs for 2009 with the Dow reaching the 10,000 mark for the first time in a year. The S&P500 and FTSE set new highs, as has the HSI overnight while the Nikkei is currently up 1.5%. Commodities were also generally upbeat with gold and silver posting fresh highs before running into long liquidation. The CRB Index gained 0.7% and NYMEX crude for November finished up $1.03 at $75.18/bbl. In contrast the dollar continued in the opposite direction with the DXY ending down 0.6% while the greenback has hit fresh multi-month lows against various counterparts, including the Euro, A$ and Swiss Franc. Economic data today will see the release of the ECBs monthly report, EU and US CPI, Philly Fed and Empire State Manufacturing Indexes as well as a speech from ECB President J-C Trichet.
After an initially mixed start gold found its feet, tracking the Euro higher to set a new life-time high of $1071 shortly after the start of European trade. Despite the dollar remaining under pressure gold failed to extend higher, drifting back on profit taking across the rest of the European session and trading out the remainder of the day between $1058-65.
Weak dollar fundamentals and rising equity and risk sentiment continue to paint a supportive backdrop for further gains in the precious metals but having risen $60 in almost a straight line gold appears to be running out of steam and while we wouldn’t rule out fresh highs in the immediate future the metal would benefit from a period of consolidation to enable the metal to sustain recent gains.

Silver set a new multi-month high of $18.11 yesterday but backed off soon after to close little changed at $17.87.
Two-way trade has been seen so far this morning but with gold struggling against profit taking and silver chart momentum indicators turning lower the metal may look to consolidate between $16.75-17.35.

Platinum was relatively rangebound yesterday trading between $1348-65 and closing unchanged. Palladium was in a similar mood posting a $10 range between $322-32.
Both metals are little changed so far this morning and will be looking to gold and silver for direction in the coming sessions.
On the charts upside resistance is seen at $1390/1410 in platinum and between $330-65 in palladium with support below pegged at $1316 (20DMA)/1300 and $305/290.


Published on
Thu, Oct 15 2009, 07:57 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:

5

0
Related reports
Continued Economic Recovery, Low Inflation by Wells Fargo Investments, LLC
Fri, Mar 19 2010, 19:58 GMT
USD higher, Greek debt worries, India hikes rates by Easy Forex
Fri, Mar 19 2010, 18:04 GMT
EUR/USD: No time for reversal yet by FXstreet.com Independent Analyst Team
Fri, Mar 19 2010, 15:27 GMT
Stock Traders focusing on Quadruple Witching by ForexHound.com
Fri, Mar 19 2010, 14:36 GMT
Discount rate discussions keeping floor under bonds by Interactive Brokers LLC
Fri, Mar 19 2010, 14:29 GMT
indicator, eurusd, gold, stocks
[ View All ]
Related content
Forex: EUR/USD ends week below 1.3550, first time in 10-months
FXstreet.com | Fri, Mar 19 2010, 20:31 GMT
Indices: FTSE closes with loses, correction
FXstreet.com | Fri, Mar 19 2010, 16:39 GMT
Forex: EUR/USD finds support at 1.3500
FXstreet.com | Fri, Mar 19 2010, 16:24 GMT
Forex: CAD suffers Greenback strength
FXstreet.com | Fri, Mar 19 2010, 16:03 GMT
Commodities: Oil collapse follows risk-market reversal
AAP | Fri, Mar 19 2010, 14:49 GMT
indicator, eurusd, gold, stocks
[ View All ]
The Samurai Trader » EURUSD - looking to hit the 261.8% level
Fri, Mar 19 2010, 12:16 GMT
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 and GBPUSD fall. EURCHF continues probe lower as NY enters
Fri, Mar 19 2010, 12:09 GMT
FX Market Readings » Week end rise
Fri, Mar 19 2010, 08:15 GMT
The FX Trader’s Link » EURUSD pressured and SNB comments sends EURCHF down
Fri, Mar 19 2010, 01:44 GMT
indicator, eurusd, gold, stocks
[ View All ]
EUR/USD Daily Chart Rally Is Over!! Weekly Chart Only Retracment!! - Forex Forum - FXstreet.com
Sun, Mar 14 2010, 19:24 GMT
Eurusd - Forex Forum - FXstreet.com
Mon, Mar 8 2010, 10:21 GMT
My Trade plan for review - Forex Forum - FXstreet.com
Thu, Mar 4 2010, 07:58 GMT
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
indicator, eurusd, gold, stocks
[ View All ]
Outlook for the major currencies this week
Ian Copsey | Tue, Sep 30 2008, 08:00 GMT
FX Instructor Live Trading Room
Mark De La Paz | Tue, Sep 30 2008, 11:00 GMT 
FX Instructor Live Trading Room
Mark De La Paz | Wed, Oct 1 2008, 09:00 GMT
SPECIAL EVENT: Trade Non-Farm Payrolls LIVE - 29th Edition
Wayne McDonell | Fri, Oct 3 2008, 11:30 GMT
Weekly Webinar: 1st on Forex - The Week Ahead
Jerry Furst | Mon, Oct 6 2008, 16:00 GMT
indicator, eurusd, gold, stocks
[ View All ]