Global Research

Global Research

Gold opened at 735.00/737.00 in New York. Despite weaker oil prices, a
rallying USD and slumping equity markets the metal rocketed due to significant
fund buying, hitting resistance near 750. Equity markets continued
to retreat as retail sales came in below expectations causing gold to lose
ground before finding support near 745.00. Good buying helped the metal
tick higher as the session progressed, reaching an intraday high of
751.50/753.50. Profit taking during the tail-end of the day pushed gold
lower to close at 742.50/744.50.
Silver opened at 955.00/960.00 and surged higher, following gold, reaching
an intraday high of 968.00/973.00. This level could not be sustained
as dealers took profit and the selling caused silver to dip to a low of
945.00/950.00. The metal traded erratically within a narrow range, however
good dealer buying helped it rally as the session unwound to close at
953.00/958.00.
Technical Commentary
Gold has broken higher today to 750. This has taken the unit back up
through the base of our former consolidation triangle at 735. Topside resistance
is now seen at 769 and 777. Yesterday’s rejection near 700
bodes well for further topside pressures early next week. Key Fibonacci
pivot is seen at 777.
Silver is staging a nice bounce to end the week near 9.58. The picture on
the weekly still shows as a down session that reached as far as 8.83. The
gold/silver ratio is closing the week near 78.00 which is largely unchanged
from yesterday’s close. The week itself is showing a strong up move from
73 which suggests further strength into next week.
Close/last mid refers to the spot closing floor price in gold and silver, and spot’s
last mid price as provided by Bloomberg in platinum & palladium spot
All other data provided by Bloomberg. Actual market levels may have differed .
11/14/08 14:03 - Time above charts last updated - Source: Bloomberg
1.3
2.0
1.6
1.3
-3.5
5.3
-0.3
-3.1
-0.1
-10 -8 -6 -4 -2 0 2 4 6 8 10
Gold
Silver
Platinum
Palladium
Oil WTI fut
Copper fut
EUR
S&P 500
% CRB
1-Day Commodity Moves
1.3
-4.3
-1.1
-3.7
-7.9
0.4
0.1
-5.1
-3.7
-10 -8 -6 -4 -2 0 2 4 6 8 10
Gold
Silver
Platinum
Palladium
Oil WTI fut
Copper fut
EUR
S&P 500
CRB
%
5-Day Commodity Moves
Gold Silver Platinum Palladium
Open 735.00/737.00 9.55/9.60 836 2 19.75
High 751.50/753.50 9.68/9.73 853 2 21.25
Low 735.00/737.00 9.45/9.50 835 2 15.00
Close / Last Mid* 742.50/744.50 9.53/9.58 845 2 16.75
London Fix AM 729.50 9.330 840 2 18.00
London Fix PM 747.50 - 845 2 16.00
Handy Harman (Base) 747.50 9.610 845 2 16.00
Gold / Silver Ratio 80.1 NA NA NA
Open Interest Gold OI One day ch Silver OI One day ch
COMEX 293,425 1,303 93,612 (722)
CBOT 6,780 240 2,525 34
Total 300,205 1,543 96,137 (688)
Gold, Silver, Platinum & Palladium
Gold Silver Platinum Palladium
Pivot 7 32.60 9.370 8 30 214.92
Primary Support (Buy) 713.40 9.036 8 08 208.58
Primary Resistance (Sell) 7 65.10 9.931 8 71 222.83
HBOP 816.79 10.826 9 34 237.08
LBOP 661.71 8.141 7 45 194.33
Bollinger Band Upper 778.64 1 0.429 895 237.10
Bollinger Band Mid 741.00 9 .752 835 200.19
Bollinger Band Lower 703.36 9 .074 775 163.28
Relative Strength 14 Day 46 4 3 42 56
Technical Levels, etc.
Gold and Silver Marketwatch Thursday, July 17, 2008
2
400
500
600
700
800
900
1000
Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08
Spot
100-Day
200-Day
400-Day
$/oz
Gold: 2-Year Close with Moving Averages
650
700
750
800
850
900
950
1000
23-Sep 3-Oct 13-Oct 23-Oct 2-Nov 12-Nov
Gold: 2-Month Candlesticks
6
8
10
12
14
16
18
20
Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08
Spot
100-Day
200-Day
400-Day
$/oz
Silver: 2-Year Close with Moving Averages
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
16.0
23-Sep 3-Oct 13-Oct 23-Oct 2-Nov 12-Nov
Silver: 2-Month Candlesticks
Gold Silver Platinum Palladium
5 Day MA 734.58 9.669 835 2 16.80
10 Day MA 736.95 9.877 841 2 16.18
20 Day MA 741.00 9.752 835 2 00.19
30 Day MA 778.07 1 0.085 882 1 98.14
60 Day MA 804.26 1 1.247 1,059 2 24.48
100 Day MA 842.37 1 3.447 1,332 2 88.01
200 Day MA 879.14 1 5.587 1,686 3 73.80
Moving Averages
CAD 1.2264 CRB 247.19
EUR 1.2742 DJAIG 124.03
GBP 1 .4873 Crude (fut) 56.69
CHF 1.1874 S&P 500 887.32
AUD 0.6586 US 10 Yr 3.74
ZAR 9.9850 US 30 Yr 4.24
JYP 96.82 CDN 10 Yr 3.65
as of: 11/14/2008 14:03 as of: 11/14/2008 14:03
FX Majors Markets
Source: Bloomberg - which can differ slightly from market spot prices
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