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Gold and Silver Commodity Daily Update Price
Written By mine on Rabu, 26 Oktober 2011 | 07.33
Gold opened little changed at 1655.50/1656.50. Early morning saw the metal drift slowly lower, reaching an intraday low of 1648.50/1649.50. Poor consumer confidence data and mixed headlines about the EU summit had investors return to gold for safe haven. Strong buying interest pushed the metal to an intraday high of 1702.75/1703.75 mid day. Gold closed the session soon after at 1699.25/1700.25.
Gold has staged a strong up day to 1700. The unit has broken the 31.8% Fibo at 1684 and the previous weekly high at 1694. The closest resistance is 1704, the former August low/ September pivot. The move in Gold is bullish with 1729 the 50% of our two month range a target on a break of 1704.
Silver opened higher at 31.70/31.75, reaching an intraday low of 31.35/31.40 as equities opened lower and base metals declined. Shrugging off this early loss as gold and crude made strong gains with base metals attempting a come back, buyers bid silver strongly higher eventually reaching its intraday high of 33.30/33.35 mid day. The metal soon ended the session at 33.10/33.15.
Silver has broken above key resistance levels to 33.09. The close above previous weekly high and Fibo level is bullish. If the market can sustain these higher levels then the next Fibo target is the 50% level at 35.14. The Gold Silver ratio is lower today to 51.34. The ratio is at the lower end of its 6 week trading range. Another leg lower would take the ratio to 50.02 which is the 50% of our 1 year range.
Gold has staged a strong up day to 1700. The unit has broken the 31.8% Fibo at 1684 and the previous weekly high at 1694. The closest resistance is 1704, the former August low/ September pivot. The move in Gold is bullish with 1729 the 50% of our two month range a target on a break of 1704.
Silver opened higher at 31.70/31.75, reaching an intraday low of 31.35/31.40 as equities opened lower and base metals declined. Shrugging off this early loss as gold and crude made strong gains with base metals attempting a come back, buyers bid silver strongly higher eventually reaching its intraday high of 33.30/33.35 mid day. The metal soon ended the session at 33.10/33.15.
Silver has broken above key resistance levels to 33.09. The close above previous weekly high and Fibo level is bullish. If the market can sustain these higher levels then the next Fibo target is the 50% level at 35.14. The Gold Silver ratio is lower today to 51.34. The ratio is at the lower end of its 6 week trading range. Another leg lower would take the ratio to 50.02 which is the 50% of our 1 year range.
Future Prices Gold Commodity Down Silver Follow Drop
Written By mine on Sabtu, 26 Februari 2011 | 13.00
The future price of commodity gold down for the first time in two weeks on sales by investors following the longest rally since August. Silver dropped for the second straight day. Silver futures for May delivery dropped 25.7 cents, or 0.8 per cent, to $US32.923 an ounce. Yesterday, the price declined 0.4 per cent. The metal gained 1.9 per cent this week. On Feb. 22, silver reached $US34.315, the highest since March 1980. The commodity has doubled in the past 12 months.
?Gold may still have the potential to advance toward the Dec. 7 high with support coming from growth in investment, geopolitical factors and inflation threats,? Tom Pawlicki, an analyst at MF Global Holdings Ltd. in Chicago, said in a report.
Political turmoil in parts of the Middle East and North Africa drove gold higher in the previous eight sessions. The metal?s 14-day relative-strength index topped 70 in the past two days, a signal that prices were poised to fall. The metal has climbed 5.6 per cent this month after tumbling 6.1 per cent in January.
?Gold had a corrective move, but new buying will come in because the geopolitical instability is far from over,? said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. Gold futures for April delivery fell $US6.50, or 0.5 per cent, to settle at $US1,409.30 an ounce on the Comex in New York. This week, the metal advanced 1.5 per cent, the fifth straight gain.
Yesterday, the price reached $US1,418.80, the highest since Jan. 3. On Dec. 7, the metal surged to a record $US1,432.50.
?Gold may still have the potential to advance toward the Dec. 7 high with support coming from growth in investment, geopolitical factors and inflation threats,? Tom Pawlicki, an analyst at MF Global Holdings Ltd. in Chicago, said in a report.
Political turmoil in parts of the Middle East and North Africa drove gold higher in the previous eight sessions. The metal?s 14-day relative-strength index topped 70 in the past two days, a signal that prices were poised to fall. The metal has climbed 5.6 per cent this month after tumbling 6.1 per cent in January.
?Gold had a corrective move, but new buying will come in because the geopolitical instability is far from over,? said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. Gold futures for April delivery fell $US6.50, or 0.5 per cent, to settle at $US1,409.30 an ounce on the Comex in New York. This week, the metal advanced 1.5 per cent, the fifth straight gain.
Yesterday, the price reached $US1,418.80, the highest since Jan. 3. On Dec. 7, the metal surged to a record $US1,432.50.
Sugar closes quiet, Gold continues to slide, silver recovers
Written By mine on Minggu, 23 Januari 2011 | 11.37
Sugar prices closed on a quiet note in the national capital today following restricted buying against sufficient stocks position.
Market analysts said adequate stocks position, amid restricted buying by bulk consumers like soft drink and ice-cream makers mainly kept sugar prices unaltered.
The following were today's quotation in Rs per quintal.
Sugar ready M-30 3,000-3,125 and S-30 2,980-3,100.
Mill delivery M-30 2,775-2,925 and S-30 2,760-2,900.
Sugar mill gate prices (excluding duty): Kinonni 2,900, Asmoli 2,880, Mawana 2,840, Titabi 2,830, Thanabhavan 2,800, Budhana 2795 and Dorala 2,845.
Divergent trend developed on the bullion market on Saturday as gold fell for a third day by Rs 30 to Rs 20,370 per 10 grams on sustained selling influenced by weak global trend, while silver recovered Rs 150 to Rs 43,000 per kg on buying by industrial units.
Traders said sustained selling by stockists in tandem with weakening global trend mainly influenced gold prices to trade in negative zone.
Some low level buying by industrial units helped a recovery in silver prices, they said.
On the domestic front, gold of 99.99 and 99.5 per cent purity lost Rs 30 each to Rs 20,370 and Rs 20,250 per 10 grams, respectively. Sovereign followed suit and traded lower by Rs 50 to Rs 16,800 per piece of eight grams.
On the other hand, silver ready recovered by Rs 150 to Rs 43,000 per kg and weekly-based delivery by Rs 255 to Rs 42,700 per kg.
Silver coins lacked necessary follow up support and declined by Rs 100 to Rs 48,400 for buying and Rs 48,500 for selling of 100 pieces.
Market analysts said adequate stocks position, amid restricted buying by bulk consumers like soft drink and ice-cream makers mainly kept sugar prices unaltered.
The following were today's quotation in Rs per quintal.
Sugar ready M-30 3,000-3,125 and S-30 2,980-3,100.
Mill delivery M-30 2,775-2,925 and S-30 2,760-2,900.
Sugar mill gate prices (excluding duty): Kinonni 2,900, Asmoli 2,880, Mawana 2,840, Titabi 2,830, Thanabhavan 2,800, Budhana 2795 and Dorala 2,845.
Divergent trend developed on the bullion market on Saturday as gold fell for a third day by Rs 30 to Rs 20,370 per 10 grams on sustained selling influenced by weak global trend, while silver recovered Rs 150 to Rs 43,000 per kg on buying by industrial units.
Traders said sustained selling by stockists in tandem with weakening global trend mainly influenced gold prices to trade in negative zone.
Some low level buying by industrial units helped a recovery in silver prices, they said.
On the domestic front, gold of 99.99 and 99.5 per cent purity lost Rs 30 each to Rs 20,370 and Rs 20,250 per 10 grams, respectively. Sovereign followed suit and traded lower by Rs 50 to Rs 16,800 per piece of eight grams.
On the other hand, silver ready recovered by Rs 150 to Rs 43,000 per kg and weekly-based delivery by Rs 255 to Rs 42,700 per kg.
Silver coins lacked necessary follow up support and declined by Rs 100 to Rs 48,400 for buying and Rs 48,500 for selling of 100 pieces.
