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Gold & metals

Gold Pulls Back after Channel Resistance Tag

Daily

Chart  Prepared by Jamie Saettele, CMT 

Commodity  Analysis: ?Gold  has broken through the zone of consolidation that took place in mid-June and a confluence of trendlines. Focus now shifts to the June high at 1424.? 1424 has been reached as has channel resistance.

Commodity Trading Strategy: At resistance so would be looking for signs of a top up here. Would look for support at recent congestion in the 1370s.

LEVELS: 1352 1369 1389 1424 1440 1488

Closing Gold & Silver Market Report ? 8/28/2013

OIL PRICES RISE AS SYRIA HEADLINES NEWS

Gold and Silver prices ended Wednesday with a slight pullback from this morning?s rallies.  With geopolitical tensions continuing to rise in Syria and speculation of a military attack from the United Nations, Precious Metals prices have responded.  Richard Gotterer, managing director at Wescott Financial Advisory Group, said, ?There?s nothing like the threat of military action to bring buyers back to Gold.?  He continued to say that if an attack is authorized,  ?Gold will probably surge some more on the uncertainty.?

U.S. stocks finished the day higher with a slight boost from the energy sector.    Oil prices are rising  based on continued unrest in Syria and the Middle East.  UBS Financial Services director of floor operations Art Cashin said, ?The market was somewhat impervious to the geopolitical risk that was out there and now it's come home to roost I think you want to watch both oil and Gold ? The difficulty is that once events begin to take place, they can accelerate and that becomes a problem.?

At 5:08 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,420.30, Down $1.90.
• Silver, $24.42, Down $0.29.

Morning Gold & Silver Market Report ? 8/28/2013

GOLD HITS 3 MONTH HIGH ON SYRIA NEWS

The Gold price is continuing its rally this morning, topping $1,430 per ounce for the first time since May.  Concerns over the situation in Syria appear to be the main catalyst of this rally. Historically, Gold is viewed as a safe haven in times of geopolitical tension. The U.S. and its allies have told Syrian opposition that a military response could be expected after last week?s chemical weapons attack. The Gold price is up nearly eight percent in August, which is its biggest one-month rise since January 2012.

PIMCO chief executive officer Mohamed El-Erian  called himself a ?worrywart? in an essay written this week, listing a number of reasons why he continues to worry about the U.S. economy post-Lehman Brothers. Among those reasons, he mentioned that Western economies continue to struggle with jobs and growth, politicians are extremely passive (such as the U.S. Congress not passing an annual budget), and the bankers that caused the 2008 financial meltdown have not been forced to change their ways.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,429.80, Up $7.60.
• Silver, $24.91, Up $0.20.

Gold Trades into June High and Channel Resistance

Daily

Chart  Prepared by Jamie Saettele, CMT 

Commodity  Analysis: ?Gold  has broken through the zone of consolidation that took place in mid-June and a confluence of trendlines. Focus now shifts to the June high at 1424.? 1424 has been reached and channel resistance is just above.

Commodity Trading Strategy: At resistance so would be looking for signs of a top up here. Would look for support at recent congestion in the 1370s.

LEVELS: 1352 1369 1389 1424 1440 1488

Closing Gold & Silver Market Report ? 8/27/2013

POSSIBLE SYRIAN INCURSION CAUSES MARKET TURBULENCE

Gold is set to end Tuesday higher as investors flocked to the yellow metal?s safe haven appeal on fears of U.S. military intervention in Syria.  According to Comex charting data, today?s 2 percent surge formally shifted  Gold back into a bullish market.  ?Gold will be a beneficiary of any military action in Syria,? said Paul Herber, portfolio manager of the Forward Commodity Long/Short Strategy Fund.  He added, ?Investors are selling equities and moving into safer assets ... of which Gold is one.?    APMEX chief executive officer, Michael Haynes, noted the ?rhetoric around the increase in the debt ceiling and the implied threat that this debate will erupt into? as another factor pushing Gold into bull territory.  ?The Gold markets appear to be looking for reasons to go higher and we have these ?ignition points? at the moment,? Haynes continued. ?As we move past the Syrian threat and into the U.S. debt/budget discussion in September, which has longer term impact, the call on the bull market will be more evident.?

U.S. stocks experienced their largest single-session slide since June as the possible Western military foray into Syria weighed heavily on investor sentiment. ?This (stocks) move is as much about the potential spillover effect in the region as it is the potential for a U.S. strike,? BNY Mellon Wealth Management chief investment officer Leo Grohowski said.  Markets have already been acting erratically ahead of anxiety surrounding the expected taper of monetary stimulus measures that have helped lift equities to record highs.  Today?s dip has analysts and economists forecasting potentially  weak short-term momentum as the S& P 500 fell below its 100-day moving average for the first time since late June. 

At 5:07 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,417.40, Up $22.30.
• Silver, $24.56, Up $0.49.

Morning Gold & Silver Market Report ? 8/27/2013

MARKET?S MAIN CONCERN: SYRIA

Gold and Silver prices are trading approximately two percent higher in early-morning trading afterconcerns over the unrest in Syria  and confusion over quantitative easing tapering in the U.S. sent stock futures lower.  Monday, U.S. Secretary of State John Kerry condemned the chemical weapon use by the Syrian government as a ?moral obscenity.?  Nick Lewis of London Capital Group explained, ?Syria has taken over the mantle of market concern.  The increasing political pressure in the States to intervene led U.S. markets lower, and Europe is following.?

Marketwatch?s Michael Gayed believes that Gold?s recent price movements are  calling the U.S. Federal Reserve?s bluff  regarding potential tapering.  He wrote, ?The fact that Gold is starting to outperform strongly into the September Fed meeting may mean bets are rising that the Fed will not rock the boat, but instead re-adjust crowd mentality away from cutting back on bond buying. Perception-wise, then, this may mean Gold's strength is anticipating a reversal in yields, more money printing, and another bout of stimulus.?

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,422.80, Up $27.60.
• Silver, $24.71, Up $0.64.

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