Gold

[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.

[Bieela_cute]

Elliott: extension wave down 1741.98
There is bearish potential for a fall to 1746.89 while 1760.11 - 1763.97 resist. After this fall a recovery up to 1763.97 or 1767.82 is expected.
Technical points
Key point 1,752.3200
Entry point 1,762.4500
Elliott 1,774.8500
Closing 1,754.6000
Projection 1,746.1700
Trendline 1,773.3400
Trendline 1,771.8200
Supports / Resistances
Res 2 1,781.0400
Ex-High 1,773.3300
Res 1 1,767.8200
Pivot 1,760.1100
Sup 1 1,746.8900
Ex-Low 1,752.4000
Sup 2 1,739.1800

[rashel55]

Main ye thread GOLD ke discussion ke liye bana raha hain. Sabhi members ko ya post karne ke liye swagat karta hoon.The trading rang for today is among the major support @ 1498 and the key of resistance @ 1511.
The general over short term basis is to the upside targeting 1511 as far as area of 1520 . I closed my buy order and just watching the movement, waiting for some good entry if its able to hit the 1540 level then we see some quick raise.

[raihan8212]

Gold futures ended Friday�s session at the lowest level in two weeks, as traders were hesitant to push up prices amid ongoing uncertainty over whether Spain will formally request a full-scale sovereign debt bailout.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery settled at USD1,755.25 a troy ounce by close of trade on Friday, losing 0.9% on the day.

Earlier in the session prices touched a daily low of USD1,753.75 a troy ounce, the weakest level since September 26. On the week, gold futures declined 1.5%, the biggest weekly drop since the last week of June.

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.

Market players remained cautious amid ongoing uncertainty over Spain�s position on requesting external financial aid from its euro zone partners following a down****e by ratings agency Standard & Poor�s.

S&P cut the country�s credit rating by two notches to BBB-minus with a negative outlook late Wednesday, just one notch above junk status, citing �mounting risks to Spain�s public finances.�

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.

Gold prices came under additional pressure following the release of upbeat U.S. economic data, which raised concern the Federal Reserve might scale back its monetary easing measures.

Official data Friday showed that U.S. consumer sentiment rose to its highest level in five years in October. The University of Michigan said that its consumer sentiment index rose to a seasonally adjusted 83.1 from 78.3 in September, the highest level since September 2007.

The data came one day after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits fell by 30,000 to a seasonally adjusted 339,000 in the previous week, compared to expectations for an increase of 1,000.

It was the lowest reading since February 2008, reinforcing the view that the U.S. labor market is improving, following last week�s stronger-than-expected non-farm payrolls report.

The Federal Reserve announced last month that it will buy USD40 billion of mortgage-backed securities each month until the U.S. labor market improves.

In the week ahead, markets will continue to continue to focus on whether Spain will formally request a bailout and if international creditors will extend loans to Greece as the country struggles to meet deficit reduction targets.

Meanwhile, the U.S. is to release a flurry of data, including reports on retail sales, manufacturing activity in New York and Philadelphia, initial jobless claims and housing starts, among others.

Elsewhere on the Comex, silver for December delivery settled at USD33.48 a troy ounce by close of trade on Friday. Earlier in the session, silver futures touched a low of USD33.46, the weakest level since September 26.

On the week, silver futures lost 3.05%.

Meanwhile, copper for December delivery shed 1.6% over the week to settle at USD3.696 a pound by close of trade Friday.

Growing fears over the health of the global economy have dampened the appeal of the industrial metal in recent sessions.

Copper traders were 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.

A deeper slowdown in China would impair a global expansion that is already faltering because of the ongoing debt crisis in the euro zone.

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

[gandha]

You are right ,we can see some more downfall in gold in the ist few hours of market opening but the gold will surely bounce up to the 1800 pretty soon .Its the best time to take some long positions in Gold .

possible when looking at the position of gold daily candle still want to continue the downtrend as a bias correction of the uptrend, it looks a wave begins to form, I will do berpifir buy order at 1715 area

[paptup]

Price raised $5 after market open and formed another bullish candle on daily chart, if its able to break the 1551 then we see some quick rally toward all time high, Hold on buy order till all time high. The trading rang for today is among the major support @ 1498 and the key of resistance @ 1511.
The general over short term basis is to the upside targeting 1511 as far as area of 1520 .

[raihan8212]

Gold futures for December delivery traded at USD1765.35 a troy ounce in U.S. trade falling 0.30%.

It earlier traded at a session high USD1772.45 a troy ounce. Gold was likely to find support at USD1758.85 and resistance at USD1781.55.
Gold fell on profit taking despite the U.S. UoM consumer sentiment rising unexpectedly last month, preliminary data showed on Friday.

In a report, the University of Michigan said that consumer sentiment rose to a seasonally adjusted 83.1, from 78.3 in the preceding month.

Analysts had expected UoM consumer sentiment to fall to 78.0 last month.
Meanwhile, U.S. producer price inflation rose more-than-expected last month, official data showed on Friday.

In a report, U.S Bureau of Labor Statistics - Department of Labor said that U.S. PPI rose to a seasonally adjusted 1.1%, from 1.7% in the preceding month.

Analysts had expected U.S. PPI to rise 0.7% last month.

US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.15% to trade at USD79.75.

Elsewhere on the Comex, Silver for December delivery fell 0.83% to trade at USD33.79 a troy ounce while Copper for December delivery gave back 1.01% to trade at USD3.713 a pound.