Web Statistics Gold recovers from 1-week low on bargain hunting

Monday, 8 August 2016

Gold recovers from 1-week low on bargain hunting

Gold recovers from 1-week low on bargain hunting

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Gold recovers from 1-week low on bargain hunting



gold chart analysis 2016
gold chart analysis 2016



Gold recovers from 1-week low on bargain hunting

Gold recovers from 1-week low on bargain hunting... Is this true?

Gold held steady on Tuesday after recovering from one-week lows hit the day before, with investors using the price correction to hunt for bargains on hopes of more economic stimulus from central banks.Gold recovers from 1-week low on bargain hunting

Spot gold was mostly unchanged at $1,335 an ounce by 0330 GMT. The metal touched its lowest since July 29 at $1,329.55 on Monday.

U.S. gold was nearly flat at $1,340.70 an ounce.

"Gold prices are in defensive mode after suffering quite a bit on Friday. It reflects market's expectations of a rate hike by the U.S. Fed in December," Vyanne Lai, an economist at National Australia Bank.

even though Gold recovers from 1-week low on bargain hunting, I've been bullish on gold for years: Dennis Gartman said.

"However, the prices are not going to weaken significantly in the near term."

Prices have been resilient in the face of a rising U.S. dollar and prospects of a rate hike as other countries are increasingly looking to raise stimulus, Lai said.

The dollar index, which gauges the greenback against a basket of six major rivals, erased earlier slight losses and edged up 0.1 percent to as much as 96.507.

"Investors are still putting more money into gold. There is something on the horizon that they should be looking, especially the U.S. elections. That will give uncertainty to the markets and will be good for gold."

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.67 percent to 973.81 tonnes on Monday.

Looking at the chart, gold was basically flogged off and cast out by alot of investing gurus, saying it was going to crash, and STAY away. Right now, GOLD looking nothing more than in a GIGANTIC meltup type phase. If this happens, then you will see more buying come later in the year. But marked out on the chart below, it seems gold has entered into a bigger upwards channel. 


The U.S. economy is at increasing risk of becoming trapped in a prolonged phase of slow growth that points to the need for lower interest rates than previously expected, Federal Reserve policymaker Jerome Powell was quoted as saying.

Gold recovers from 1-week low on bargain hunting, but Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

There were significant long positions last week and the liquidation after the nonfarm payrolls data put pressure on prices, a Hong Kong-based precious metals trader said.  -    Source : Cnbc.


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