•  
  • New York 18:30
  • London 23:30
  • Barcelona 00:30
  • Tokyo 08:30
  • Sydney 10:30
  • SignUp | Login

London Bullion Report

7

0

Precious metals pause as concerns surface over economic recovery

Tue, Nov 24 2009, 08:56 GMT
by James Moore

The Bullion Desk


London, 24 November 2009 - Risk appetite remained upbeat yesterday as equities and commodities gained and the dollar weakened, meanwhile gold pushed to a new record above $1170/oz as further buying was seen ahead of the December option expiration. The CRB Index posted a tame 0.1% increase despite the strength in precious metals and a 1% gain in crude oil. US equities were more buoyant with the Dow and S&P500 ending up 1.3%. The Dollar Index finished the day down 0.6% while holding in the recent 74.80-75.75 range, as did the EUR/USD which held the 1.48-50 range.

Equities have begun in a softer mood this morning with the Nikkei currently off 1% and MSCI 1.4% with traders in a more cautious tone ahead of todays revised US growth data and concerns of deflation in Japan. The dollar meanwhile is in a positive mood with the DXY up 0.3% despite German GDP coming in as expected at 0.7%. The data line-up for the rest of the day includes German IFO Business Climate, EU Industrial Orders, US GDP, Consumer Confidence, Richmond Manufacturing Index and HPI. In addition the Fed will release the minute of its last meeting while the head of the Bank of England and Swiss National Bank are due to speak.

Gold opened up around $10 from Fridays close above the $1060 level and continued to test higher in Asia as equities gained and the dollar lost ground. The metal remained supported across the day touching $1167.50 in early Europe and eventually peaked at $1173.90 in the early part of the US session. Light profit taking was seen over the remainder of the day although the metal held above $1160, closing at $1165.
Despite the stronger dollar and weaker tone in equities gold has found good support around the $1160 level this morning and is likely to find further investment demand in the coming session following the 3.9-tonne increase in the SPDR ETF yesterday. As a whole gold will continue to track risk sentiment while scale down support is expected at $1145/1120 while the next upside target is likely to be $1180 and $1200.

Gold

Silver rallied to a high of $18.94 as gold hit its peak during Mondays US session before easing back to close at $18.64.
The metal has seen a choppy start so far, working between $18.40-68 and will be looking to gold for direction in the coming sessions. Clearance of chart resistance at $18.90 could open the way to a test of last Julys high at $19.47 while support below is expected at $17.90-18.10.

Silver

Platinum traded to a 14-month high of $1476 yesterday before easing back to close with a $5 gain at $1460. Sister metal palladium posted a high of $375 and also closed with a $5 gain. Platinum and palladium will be looking to the other precious metals and broader risk sentiment for direction however with continued investment demand and positive fundamentals both metals could make a challenge of overhead resistance $1490 & $400 in the coming sessions. Another substantial increase was seen in ETF Securities palladium holdings yesterday, up 13.6Kozs to a record 616.4Kozs.

Platinum


Palladium


Archive

TheBullionDesk Limited  | Rose and Crown Walk, Saffron Walden, Essex, CB10 1JH
http://www.thebulliondesk.com/ | info@thebulliondesk.com

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.

Related reports

U.S. Forex Market Commentary by GCI
Tue, Feb 9 2010, 22:21 GMT

USD lower pressured by Greek rescue hopes by Easy Forex
Tue, Feb 9 2010, 15:22 GMT

Euro is catching a breather on Tuesday by Wells Fargo Investments, LLC
Tue, Feb 9 2010, 14:54 GMT

Hopes of tackling budget deficit in Greece sap demand on refuges by ecPulse.com
Tue, Feb 9 2010, 14:49 GMT

Currency Majors Technical Perspective by FXstreet.com Independent Analyst Team
Tue, Feb 9 2010, 14:27 GMT

eurusd, metals

[ View All ]

Related content

Cititechs in form and long EUR/USD
Forex Live | Tue, Feb 9 2010, 22:58 GMT

Stocks rallied; Dollar retreats
FXstreet.com | Tue, Feb 9 2010, 21:05 GMT

Forex: EUR/USD holds below 1.3800
FXstreet.com | Tue, Feb 9 2010, 18:57 GMT

Forex: EUR/USD tests 1.3840 and falls to 1.3780 again
FXstreet.com | Tue, Feb 9 2010, 17:48 GMT

Forex: EUR/USD rises above 1.3800
FXstreet.com | Tue, Feb 9 2010, 16:56 GMT

eurusd, metals

[ View All ]

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2010 "FXstreet.com. The Forex Market" All Rights Reserved.