Gold prices start climbing but could face resistance at $1472 levels

Comex June Gold is currently traidng at $1427 per ounce after having closed lower at $1408.8/Oz on Tuesday trade. US gold futures may face some resistance at $1472 levels before it can climb above $1500,

CHICAGO (Bullion Street): Comex Gold prices have started climbing back thanks to increased physicla buying on lower prices although shrinking assets in exchange traded funds casts doubt on a strong rebound in the metals complex.

Comex June Gold is currently traidng at $1427 per ounce after having closed lower at $1408.8/Oz on Tuesday trade. " On daily charts, a recovery is seen with RSI of 35.87 signalling the withdrawal from oversold territory. MACD is still in negative but still below moving average of 1501.10," according to Sreekumar Raghavan, Chief Strategist at Commodity Online Group. US gold futures may face some resistance at $1472 levels before it can climb above $1500, he added.

Spot gold is currently trading at $1426.75 per ounce.

Gold is still 8.8 percent below the $1,561.45 close on April 11, before a two-day, 14 percent drop through April 15. That was the worst slide since 1983. SPDR Gold Trust assets tumbled to 1,097.19 tons yesterday, the lowest in three-and-a- half years, and have dropped 10 percent this month.

The volume for the Shanghai Gold Exchange’s benchmark cash contract exceeded 150 metric tons in the past week, while the U.S. Mint has run out of its smallest American Eagle gold coin. Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by the metal, are set for the biggest monthly decline since trading began in 2004, Bloomberg reported.

In India's Multi Commodity Exchange, trading is closed till evening on account of a holiday. MCX June Gold has climbed marginally higher this week to Rs 26164/10 gms compared to close of Rs 26047 per 10gms last week.

Photo Courtesy: Bigstockphoto.com?

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Gold prices start climbing but could face resistance at $1472 levels

Comex June Gold is currently traidng at $1427 per ounce after having closed lower at $1408.8/Oz on Tuesday trade. US gold futures may face some resistance at $1472 levels before it can climb above $1500,

CHICAGO (Bullion Street): Comex Gold prices have started climbing back thanks to increased physicla buying on lower prices although shrinking assets in exchange traded funds casts doubt on a strong rebound in the metals complex.

Comex June Gold is currently traidng at $1427 per ounce after having closed lower at $1408.8/Oz on Tuesday trade. " On daily charts, a recovery is seen with RSI of 35.87 signalling the withdrawal from oversold territory. MACD is still in negative but still below moving average of 1501.10," according to Sreekumar Raghavan, Chief Strategist at Commodity Online Group. US gold futures may face some resistance at $1472 levels before it can climb above $1500, he added.

Spot gold is currently trading at $1426.75 per ounce.

Gold is still 8.8 percent below the $1,561.45 close on April 11, before a two-day, 14 percent drop through April 15. That was the worst slide since 1983. SPDR Gold Trust assets tumbled to 1,097.19 tons yesterday, the lowest in three-and-a- half years, and have dropped 10 percent this month.

The volume for the Shanghai Gold Exchange’s benchmark cash contract exceeded 150 metric tons in the past week, while the U.S. Mint has run out of its smallest American Eagle gold coin. Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by the metal, are set for the biggest monthly decline since trading began in 2004, Bloomberg reported.

In India's Multi Commodity Exchange, trading is closed till evening on account of a holiday. MCX June Gold has climbed marginally higher this week to Rs 26164/10 gms compared to close of Rs 26047 per 10gms last week.

Photo Courtesy: Bigstockphoto.com?

View the original article here

Gold,Silver start cautious recovery

The precious yellow metal peaked to $1381.80 an ounce in early Asian trade Wednesday after hit a low of $1321 an ounce on Tuesday.

TOKYO(BullionStreet): Gold prices steadied after losing 13 percent of it's value while silver also made a cautious recovery.

The euro jumped one per cent against the dollar as buyers returned to share markets and gold rebounded following Monday's rout.

The precious yellow metal peaked to $1381.80 an ounce in early Asian trade Wednesday after hit a low of $1321 an ounce on Tuesday.

The recovery came a day after a deep plunge in markets and commodities spurred by poor Chinese growth data and then the bombings in Boston, which killed three people.

Cash silver gained 0.8 per cent to $23.58 an ounce after falling to $22.07 yesterday, the cheapest since October 2010.

Spot platinum slipped 0.3 per cent to $1444.25 an ounce, while palladium was little changed at $677.40 an ounce.

Some analysts said they've seen about a $30 recovery in the gold price overnight and believes the long-term prospects remain good for gold.

They added that due to a steady recovery of global financial markets and the strengthening of the US dollar, gold’s bull run may have come to an end.

The world's gold mining companies will be hoping the precious metal recovers. Analysts say if the precious metal were to fall below $1200 an ounce, many mining companies would lose money.

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