Gold

[raihan8212]

Gold futures fell to the lowest level in almost three weeks during European morning hours on Monday, as uncertainty over Spain�s position on formally requesting a bailout from its euro zone partners persisted, boosting demand for the safe haven U.S. dollar.

A wave of technical selling further weighed after futures broke below a key support level.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,748.35 a troy ounce during European morning trade, falling 0.65%.

Prices declined by as much as 0.9% earlier in the session to hit a daily low of USD1,743.25 a troy ounce, the weakest level since September 26.

Gold futures were likely to find support at USD1,739.35 a troy ounce, the low from September 26 and resistance at USD1,781.55, the high from October 8.

The U.S. dollar was broadly higher against its major counterparts, as uncertainty over how soon Spain will formally request a bailout curbed demand for riskier assets.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.07% to trade at 79.85.

Gold prices often move inversely to the U.S. dollar, as gold becomes more expensive for buyers using other currencies.

Market players have been anticipating for the past month that the Spanish government would ask for a full-scale sovereign bailout.

A bailout would allow the European Central Bank to step in and buy Spanish sovereign debt, which would result in reduced borrowing costs for the debt-strapped nation.

But Spain has been reluctant to do so because it may come with conditions on its budget.

European Union policymakers will hold a two-day summit in Brussels starting on October 18 to discuss ways to firewall and extinguish the debt crisis as well as Greece's steps towards fiscal recovery.

Prices came under further pressure after breaking below key support levels close to the USD1,750-level, triggering fresh sell orders amid bearish chart signals.

The precious metal could see further losses in the near-term after having failed to break above the key USD1,800-level earlier in the month.

Gold futures rallied to an 11-month high of USD1,798.05 a troy ounce on October 5, boosted by ongoing expectations policymakers around the world will launch more stimulus to support the weak global economy.

Elsewhere on the Comex, silver for December delivery tumbled 1.15% to trade at USD33.29 a troy ounce, while copper for December delivery shed 0.2% to trade at USD3.696 a pound.

Official data released earlier showed that Chinese consumer prices rose 1.9% in September from the year-ago period, in line with expectations and down from 2.0% in August, while producer price inflation fell 3.6%, also in line with expectations.

The data came after a report over the weekend showed that Chinese exports grew 9.9% on the year in September, above expectations for a 5.5% gain. Imports rose 2.4% from a year earlier, in line with expectations.

Copper traders were now looking ahead to Chinese third quarter growth figures due out on October 18, to gauge whether the world second largest economy is heading towards a hard or a soft landing.

The Asian nation is the world�s largest copper consumer, accounting for almost 40% of world consumption last year.

[yudijoni]

Gold dropped To Lowest Point Two Weeks "

Gold dropped to its lowest level in the last 2 weeks due to speculation that China may not need additional stimulus after inflation data reported and successful export estimates exceeded during the month of September.

Observed so far gold prices for December contract fell -0.47%, at $ 1,745.49, after reaching an intraday highs at $ 1,753.59, and the lowest level at $ 1,741.98 daily.

In addition the data uncertainty bailout Spain as well as U.S. economic data showing a rise in outside estimates also reduce the attractiveness of gold.

Most hedge funds and money managers have added to their gold positions to its highest level in 14 months, supported by gold's appeal as a hedge against inflation, amid expectations that the Fed and other central banks will keep pumping stimulus to stimulate growth.

However, data on U.S. consumer sentiment successful beyond estimation has added economic signals in the U.S. are beginning to improve, so the shrinking interest hedge against gold.

Separately, China's export data reports that more than doubled compared to expectations during the month of September also showed that the pace of the previous government's policy was sufficiently successful that additional stimulus measures may not have been too predictable.

Sources: MonexNews

[secret alibi]

Gold has break below 1754 area indicating a
bearish bias targeting 1740 for nearest term
before testing 1730 area. Immediate
resistance is found around 1770 region
followed by 1780 area.

Resistance Level : 1770, 1780, 1795
Support Level : 1740, 1730, 1715
Trading Range : 1730 – 1770
Trend : Bearish

[forexking2]

The price of gold ended last week passively follows it clear break to support the general bullish trend that shows the image of this day, which provides signals to the possibility that seeing a downward correction in the long intraday during the coming period.

[ispgamer]

Gold moved on the good bearish movement on the last Friday.
Now, Gold is moving near the 1740.05 support level. If Gold can break this support, I think Gold will continue falling today and may reaches the lower support level at around 1719.66. But if Gold fail to break this support, Gold may reverse around here and go up to the 1759.04 resistance level.

[Khan Mustafiz]

Wish to buy purchase and just viewing the activity, awaiting some excellent access if its able to hit the normal stage then we see some fast increase.

[raihan8212]

Gold prices fell in Asian trading on Monday as investors went long on the metal's traditional hedge, the dollar, over uncertainty as to whether or not Spain will request a bailout.

U.S. earnings season is gearing up, and investors sought safety in the greenback to see how companies performed in the third quarter of this year.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.87% at USD1,744.45 a troy ounce, up from a session low of USD1,743.85 and down from a high of USD1,746.35 a troy ounce.

Gold futures were likely to test support at USD1,739.35 a troy ounce, the low from Sept. 26, and resistance at USD1,774.95, Friday's high.

Uncertainty sent investors to the safety of the dollar on Monday.

Last week, Standard & Poor's said it lowered Spain's long-term credit rating to 'BBB-' from 'BBB+' and cut its short-term credit rating to 'A-3' from 'A-2'.

The ratings agency said Spain's deepening economic recession is limiting the Spanish government's policy options and added that rising unemployment and spending constraints are likely to fuel social discontent and contribute to friction between Spain's central and regional governments.

"In our view, the capacity of Spain's political institutions (both domestic and multilateral) to deal with the severe challenges posed by the current economic and financial crisis is declining," Standard & Poor's said in a statement.

The news prompted many investors to interpret the down****e as a tipping point pushing Madrid closer to requesting financial aid from its neighbors, which could spark a risk-on trading session that would send the dollar falling and gold rising alongside higher-yielding currencies and stocks.

A bailout would allow the European Central Bank to step in and buy Spanish sovereign debt in the secondary market, which would lower borrowing costs in the crisis-weary country.

Investors also stocked up on dollar positions on Monday as part of a wait-and-see trading session ahead of a flurry of data due out of the U.S. this week, including reports on retail sales, manufacturing activity, initial jobless claims and housing starts, among others.

Elsewhere on the Comex, silver for December delivery was down 1.40% and trading at USD33.198 a troy ounce, while copper for December delivery was down 0.54% and trading at USD3.675 a pound.

[kakpay]

Technical analysis today:
H1 trend: down
Support: 1742.90
Resistance: 1752.60
The movement today gold moved down and tried to get close 1742.30

[romannil]

Gold technical analysis for 15.10.2012 by using : Auto pivot indicator.

resistance 3:1790.47
resistance 2:1782.23
resistance 1:1774.27

pivot point :1766.03

support 1:1758.07
support 2:1749.83
support 3:1741.87

[rok]

Nice ville gold and silver parties, in Nice-ville as well as gold parties in other areas of Florida and all over the nation, are starting to appear more frequently. Although they have been in existence for several years, it is only now that they are becoming more common. The price of gold is higher than it has ever been and gold dealers are seeking out scrap gold wherever they can find it.