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Gold

Discussion in 'Market Predictions and Reports' started by MTnews, Sep 8, 2009.

  1. MTnews

    MTnews Banned for advertising in Community Forums

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    Daily Market Commentary for September 8, 2009

    Gold

    Gold rose above the $1,000.00 an ounce mark today, as the dollar weakened to its lowest point since last September partially due to investors concerns about the economy’s recovery. (read more at Millennium-Traders.Com)

    Economic data released today:

    Consumer Credit:
    U.S. July Consumer Credit decreased by $21.6 billion; June Consumer Credit Revised to down $15.5 billion from down $10.3 billion.

    At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the trading session on the world markets as well as the emerging markets including the stock market closing bell price:
    DOW (Dow Jones Industrial Average) gain 56.07 points, EOD 9,497.34
    NYSE (New York Stock Exchange) gain 86.99, EOD 6,724.12
    National Association of Securities Dealers Automated Quotations (NASDAQ) gain 18.99 points, EOD 2,037.77
    S&P 500 (SPX) gain 8.98 points, EOD 1,025.38
    BEL 20 (BEL20) gain 65.78 points, EOD 2,421.95
    CAC 40 (CAC40) gain 62.2 points, EOD 3,660.96
    FTSE100 (UKX100) gain 95.64 points, EOD 4,947.34
    NIKKEI 225 (NIK/O) gain 206.12 points, EOD 10,393.23

    New York Stock Exchange (NYSE) stock market indicators for the trading session today:
    Advanced stock prices 2,321 declined stock prices 761, unchanged stock prices 76, stock prices hitting new highs 160 and stock prices hitting new lows 4. NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: AIG shed 4.20, HOD 39.00, LOD 35.68, EOD 35.85; RTP gain 7.69, HOD 170.16, LOD 166.78, EOD 167.54; PBY gain 0.79, HOD 10.13, LOD 9.48, EOD 10.09; ORH gain 12.91, HOD 63.10, LOD 61.82, EOD 62.98; ESV gain 0.79, HOD 38.50, LOD 37.14, EOD 38.08; CME gain 3.28, HOD 277.47, LOD 270.25, EOD 272.63; CBY gain 14.42, HOD 53.05, LOD 51.28, EOD 51.88; POT gain 2.35, HOD 92.94, LOD 91.34, EOD 91.81; FAS gain 1.65, HOD 74.73, LOD 71.65, EOD 73.20; CHU gain 0.18, HOD 14.28, LOD 13.99, EOD 14.07.

    National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
    Advanced stock prices 1,632, declined stock prices 1,040, unchanged stock prices 134, stock prices hitting new highs 75 and stock prices hitting new lows 7. NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: FSLR gain 12.94, HOD 134.64, LOD 123.43, EOD 134.41; GOLD gain 1.06, HOD 72.86, LOD 68.80, EOD 69.36; BIDU gain 13.88, HOD 359.20, LOD 350.00, EOD 357.15; JAZZ gain 1.01, HOD 11.27, LOD 8.54, EOD 10.28; OPXA gain 4.13, HOD 6.93, LOD 2.22, EOD 5.66; FACT gain 0.77, HOD 16.83, LOD 15.42, EOD 16.15; BIIB gain 0.17, HOD 51.70, LOD 51.01, EOD 51.18.

    Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
    Advanced stock prices 338, declined stock prices 204, unchanged stock prices 56, stock prices hitting new highs 44 and stock prices hitting new lows n/a.

    Chicago Board of Trade Futures Market for the day, at time of this posting:
    E-mini S&P 500 (ES) Sept 09: EOD 1024.75; Change 10.75
    E-mini NASDAQ-100 (NQ) Sept 09: EOD 1,653.50; Change 17.75
    E-mini DOW $5 (YM) Sept 09: EOD 9,493; Change 76
    E-mini S&P MidCap 400 (MF) Sept 09: EOD 660.60; Change 9.10
    Nikkei 225 (Yen) Sept 09: EOD 10,410; Change 80

    World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
    Euro 0.6898 to U.S. Dollars 1.4497
    Japanese Yen 92.2400 to U.S. Dollars 0.0108
    British Pound 0.6064 to U.S. Dollars 1.6492
    Canadian Dollar 1.0793 to U.S. Dollars 0.9265
    Swiss Franc 1.0462 to U.S. Dollars 0.9558

    COMMODITY MARKETS:
    Energy Sector - Nymex:
    Light Crude (October 09) gain $3.08, EOD $71.10 per barrel ($US per barrel)
    Heating Oil (October 09) gain $0.06, EOD $1.78 a gallon ($US per gallon)
    Natural Gas (October 09) gain $0.08, EOD $2.81 per million BTU ($US per mmbtu.)
    Unleaded Gas (October 09) gain $0.05, EOD $1.83 a gallon ($US per gallon)

    Metals Markets - Comex:
    Gold (December 09) gain $3.10, EOD $999.80 ($US per Troy ounce)
    Silver (December 09) gain $0.23, EOD $16.51 ($US per Troy ounce)
    Platinum (October 09) gain $30.50, EOD $1,288.80 ($US per Troy ounce)
    Copper (December 09) gain $0.09, EOD $2.96 ($US per pound)

    Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
    Lean Hogs (October 09) gain $0.48, EOD $50.98
    Pork Bellies (February 10) gain $1.55, EOD $84.43
    Live Cattle (October 09) gain $0.45, EOD $87.10
    Feeder Cattle (October 09) gain $0.63, EOD $99.18

    Other Commodities - Chicago Board of Trade (cents per bushel):
    Corn (December 09) gain $1.25, EOD $307.00
    Soybeans (November 09) gain $14.50, EOD $935.00

    BOND MARKET:
    2 year EOD 100 4/32, change 0, Yield 0.93, Yield change 0.00
    5 year EOD 99 31/32 change -4/32, Yield 2.37, Yield change 0.02
    10 year EOD 101 9/32, change -8/32, Yield 3.46, Yield change 0.02
    30 year EOD 103 5/32, change -23/32, Yield 4.31, change 0.05

    Access upcoming scheduled economic data anytime by viewing the Economic Calendar from Millennium-Traders, free access to visitors on our website.

    Visitors may subscribe to our free Weekly MarketNews for a review of the previous weeks trading news plus, view upcoming economic data scheduled for the week ahead.

    Review current edition as well as, archives of the News & Commentary plus, view complete details of calls made in our Trading Rooms and stock picks from our Swing Trading service. Traders should review our FREE Monthly Trading Lesson posted on our website.

    Thanks for reading
    Millennium-Traders.Com
     
  2. Tiger21

    Tiger21 Private

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    Gold was down even though copper, the most economically sensitive metal is now down 4 days in a row, most likely because of concerns that China has over stockpiled. Steel prices are also declining, having fallen 8%. I would say economic weakness is the cause for this and I would be long gold with the recent small pull back – especially considering an increase in protectionism as seen by the dispute between the US and China regarding tires and chicken. During the September 2nd week, U.S. commercial banks cut back on their commercial & industrial (C&I) loans by $10.3 billion; their real estate credit by a huge $15.3 billion; and their lines to consumers by $6.4 billion. This is down at over a 12% annual rate on a 13-week basis. Not any evidence of an economic recovery.
     
  3. Tiger21

    Tiger21 Private

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    I continue to be long gold as investors move out of the dollar and need another store of value. Also, Barrick Gold, the world’s largest gold producer is buying gold meaning there is increased demand. Barrick last week said that it is eliminating its hedging program and since the end of June had converted 2.4 million ounces of fixed price contracts to floating contracts, meaning that it purchased that amount of gold in the market. It still has 3 million ounces of fixed contracts to unwind and in order to fund the purchases announced a $3.5 billion equity offering. AngloGold Ashanti had also previously announced its intention to eliminate its hedge book of 4.1 million ounces by year end. I see major tail winds to the price of gold.
     
  4. Tiger21

    Tiger21 Private

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    Gold continues to rise. The fundamentals are driving gold: weak dollar and inflation concerns. Saw a report by Standard Bank expecting prices to rise another 8% this year. I see gold at $1,100 with the combination of solid fundamentals, Barrick gold unwinding its hedges and technicals that will continue to drive gold up.
     
  5. Tiger21

    Tiger21 Private

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    Although gold looks like it is at a high price when comparing in dollars, gold remains well below last year’s high when priced in pounds, euros, yen or Swiss francs. September is typically the best month for gold and having now crossed the $1,000 barrier again, it could gain momentum from increased exposure and mind-space for investors. Interesting article in today’s WSJ as well saying the price of gold has traditionally been equivalent to that of one high-quality men’s suit. Maybe a little silly, but worth a read.
     
  6. Tiger21

    Tiger21 Private

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    Buying gold on every pullback. Up today for the first time in four days. Still expect the dollar to be weak and investors to seek safety in the typical store of value: GOLD. Taking a look at the ETFs, gold is at or within a percent of the record high holding amount. In spite of the IMF’s approved sale of 403.3 metric tons (value of $13 billion) just the other day, gold price remains strong. In spite of the 38% decrease in gold consumption in India, gold price remains strong. Long gold. Buying on every pullback.
     
  7. Tiger21

    Tiger21 Private

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    A lower dollar is generating further interest in gold. The dollar declined against 13 of 16 major currencies yesterday. Barclays Capital forecast gold may continue to make new highs stating, “We maintain a bullish bias for gold, expecting a test and break of the all-time high with potential for higher levels still into year-end.”
     
  8. Tiger21

    Tiger21 Private

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    I tend to agree with this analyst quote, “The dollar and risk sentiment will continue to lead gold in the coming sessions well placed to set fresh highs.” Another analyst said, “Gold remains well supported. The support is even more noteworthy given crude oil’s slide yesterday.” Investor interest remains strong as ETFs continue to receive strong inflows of money. Additional tailwinds to price of gold: Pictet & Cie, Switzerland’s largest private bank, will start a fund backed by physical gold next month in an attempt to help its investors protect against inflation.
     
  9. MDunleavy

    MDunleavy iticsoftware.com Representative

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    Gold rallied to trade around $1,010 on Thursday as the precious metal continued to look to the dollar for direction, though a sense of caution prevailed due to the threat of heavy liquidation of futures positions. Traders in Tokyo returned to the market after a three-day break from Monday to Wednesday due to a series of national holidays. Gold buying by India, one of the world's largest consumers, picked up due to the festival season when people traditionally buy ornaments as gifts. Gold is trading at $1013 as of 8:03am, London Time. Gold's Pool-Position is 19% Long, meaning that most Finotec clients are selling the precious metal.[oilngold]


    "P&F GOLD15 Box Size20X3 or(0.6%) HI/LO
    Data 1023.92 - 973.49 ~ 0 Month ~ 21.91 Day
    Database 1500 records 1009.6 (Last Close)
    2009-09-02 18~15
    2009-09-24 16~00
    (GMT+01:00) Paris
    BJF Trading Group"

    1024.00|~2OO||____________________________________________________________________|-0.01%|5.19%
    1022.00|~4OO||____________________________________________x_o_____________________|0.19%|4.98%
    1020.00|~6OO||________________________________________x___x_o_____________________|0.38%|4.78%
    1018.00|~8OO||________________________________________x_o_x_o_____x___________x___|0.58%|4.57%
    1016.00|~1OOO|________________________________________x_o_x_o_x___x_o_x_______x_o_|0.77%|4.37%
    1014.00|~12OO|________________________________________x_o___o_x_o_x_o_x_o_x___x_o_|0.97%|4.16%
    1012.00|~14OO|________________________________________x_____o_x_o_x_o_x_o_x_o_x_o_|1.16%|3.96%
    1010.00|~16OO|____________________________x___________x_____o_x_o_x_o_x_o_x_o_x_o_|1.36%|3.75%
    1008.00|~18OO|____________________________x_o_x_______x_____o___o_x_o_x_o___o_____|1.55%|3.54%
    1006.00|~2OOO|________x___________________x_o_x_o_____x_________o_x_o_____________|1.75%|3.34%
    1004.00|~22OO|________x_o_________________x_o_x_o_____x_________o_x_______________|1.95%|3.13%
    1002.00|~24OO|________x_o_x_______________x_o___o_x___x_________o_x_______________|2.14%|2.93%
    1000.00|~26OO|________x_o_x_o_x___________x_____o_x_o_x_________o_x_______________|2.34%|2.72%
    998.00|~28OO||________x_o_x_o_x_o_____x___x_____o_x_o_x_________o_x_______________|2.53%|2.52%
    996.00|~3OOO||____x___x_o_x_o_x_o_x___x_o_x_____o_x_o_x_________o_________________|2.73%|2.31%
    994.00|~32OO||____x_o_x_o___o___o_x_o_x_o_x_____o___o_____________________________|2.92%|2.11%
    992.00|~34OO||____x_o_x_________o_x_o_x_o_x_______________________________________|3.12%|1.9%
    990.00|~36OO||____x_o_x_________o_x_o_x_o_________________________________________|3.31%|1.7%
    988.00|~38OO||____x_o_x_________o___o_x___________________________________________|3.51%|1.49%
    986.00|~4OOO||x___x_o_______________o_x___________________________________________|3.7%|1.29%
    984.00|~42OO||x_o_x_________________o_____________________________________________|3.9%|1.08%
    982.00|~44OO||x_o_x_______________________________________________________________|4.09%|0.87%
    980.00|~46OO||x_o_________________________________________________________________|4.29%|0.67%
    978.00|~48OO||x___________________________________________________________________|4.48%|0.46%
    976.00|~5OOO||x___________________________________________________________________|4.68%|0.26%
    974.00|~52OO||____________________________________________________________________|4.88%|0.05%
    972.00|~54OO||____________________________________________________________________|5.07%|-0.15%
    Column|~56OO|6_3_8_5_106_4_4_3_6_4_6_7_4_104_3_7_4_4_133_4_8_4_1011_6_5_4_3_3_5_4_|
    Count
     
  10. MDunleavy

    MDunleavy iticsoftware.com Representative

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    Gold Consolidates Beneath $1000/oz
    Gold is balancing above 9/10 lows and June 2009 highs, yet remains below the psychological $1000/oz level. Gold appears to be taking its cue more from the performance of the EUR/USD and U.S. equities, which are trading the bottom of their near-term uptrend zones. However, rapid deteriorations of both the GBP/USD and USD/JPY are certainly causes for concern. Since the large pullbacks in the Dollar crosses are predominantly based on psychological factors, gold’s correlation is favoring the more fundamentally-based performances of the EUR/USD and U.S. equities. Hence, gold has managed to stay within range of the $1000/oz level despite recent volatility in the FX market. As a result, gold’s near-term performance will likely depend upon the results of key U.S. economic data this week. If global economic data continues to underperform gold may be forced to sacrifice 9/10 lows. That being said, we’re a bit skeptical about upcoming data releases. Therefore, we believe gold has a downward inclination over the near-term.[oilngold]

    "P&F GOLD60 Box Size40X3 or(1.24%) HI/LO
    Data 1023.92 - 904.78 ~ 2 Month ~ 89.04 Day
    Database 1501 records 992.24 (Last Close)
    2009-07-01 18~00
    2009-09-28 19~00
    (GMT+01:00) Paris
    BJF Trading Group"

    1024.0|~4OO||______________________________________|-0.01%|13.18%
    1020.0|~8OO||______________________________x_o_____|0.38%|12.73%
    1016.0|~12OO|______________________________x_o_x___|0.77%|12.29%
    1012.0|~16OO|______________________________x_o_x_o_|1.16%|11.85%
    1008.0|~2OOO|__________________________x___x_o_x_o_|1.55%|11.41%
    1004.0|~24OO|______________________x___x_o_x_o_x_o_|1.95%|10.97%
    1000.0|~28OO|______________________x_o_x_o_x_o_x_o_|2.34%|10.52%
    996.00|~32OO|______________________x_o_x_o___o___o_|2.73%|10.08%
    992.00|~36OO|______________________x_o_x_________o_|3.12%|9.64%
    988.00|~4OOO|______________________x_o_x_________o_|3.51%|9.2%
    984.00|~44OO|______________________x_o_____________|3.9%|8.76%
    980.00|~48OO|______________________x_______________|4.29%|8.31%
    976.00|~52OO|______________________x_______________|4.68%|7.87%
    972.00|~56OO|______________________x_______________|5.07%|7.43%
    968.00|~6OOO|______x_______________x_______________|5.46%|6.99%
    964.00|~64OO|______x_o_____________x_______________|5.85%|6.55%
    960.00|~68OO|______x_o_x_______x___x_______________|6.24%|6.1%
    956.00|~72OO|__x___x_o_x_o_x___x_o_x_______________|6.63%|5.66%
    952.00|~76OO|__x_o_x_o_x_o_x_o_x_o_x_______________|7.02%|5.22%
    948.00|~8OOO|__x_o_x_o_x_o_x_o_x_o_________________|7.41%|4.78%
    944.00|~84OO|__x_o_x_o_x_o_x_o_x___________________|7.81%|4.33%
    940.00|~88OO|o_x_o_x_o___o_x_o_____________________|8.2%|3.89%
    936.00|~92OO|o_x_o_x_____o_x_______________________|8.59%|3.45%
    932.00|~96OO|o_x_o_x_____o_________________________|8.98%|3.01%
    928.00|~1OOO|o_x_o_________________________________|9.37%|2.57%
    924.00|~1O4O|o_x___________________________________|9.76%|2.12%
    920.00|~1O8O|o_x___________________________________|10.15%|1.68%
    916.00|~112O|o_x___________________________________|10.54%|1.24%
    912.00|~116O|o_x___________________________________|10.93%|0.8%
    908.00|~12OO|o_____________________________________|11.32%|0.36%
    904.00|~124O|______________________________________|11.71%|-0.09%
    Column|~128O|9_12710_7_5_7_6_4_5_3_145_6_3_6_7_5_7_|
    Count
     

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