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Silver Price Dips to 1-Week Lows On Gold Retreat

A slightly firmer dollar, allied with a steadier tone surrounding risk appetite, curbed precious metal demand on Tuesday with silver prices sliding towards the $19.00 per ounce support area.

Although silver prices edged higher during the Asian session on Tuesday, there was selling interest on approach to the $19.60 area and prices dipped lower again in Europe with continued evidence of lower peaks undermining short-term sentiment. With a more stable dollar environment and some net improvement in risk conditions, silver dipped to the $19.40 area at the US open.

The US economic data releases were stronger than expected with the flash Markit PMI services-sector index strengthening to 51.9 for September from 51.0 previously. The Conference Board consumer confidence index strengthened to the highest level in over 9 years for September at 104.1 from a revised 101.8 in August with gains in the current conditions and expectations components. The dollar was able to gain some support during the New York session as EUR/USD dipped to test support below 1.1200.

There was selling pressure on commodity currencies in US trading as oil prices came under renewed selling pressure. AUD/USD declined towards 0.7650 and USD/CAD strengthened to test resistance around 1.3250 with a move to six-month highs.

Gold prices moved sharply lower after the US open with a slide to below the $1,330 level

Article source: http://www.economiccalendar.com/2016/09/27/silver-price-dips-to-1-week-lows-on-gold-retreat/

Gold and Silver Market Morning: Sep-27-2016 — Gold and silver still building strength!





 – Published: Tuesday, 27 September 2016 | Print  | Disqus 

Gold Today New York closed at $1,337.30 yesterday after the previous close of $1,337.90.  London opened at $1,334.00 again.

-         The $: was slightly stronger at $1.1245: 1 from $1.1252: 1 yesterday.

-         The Dollar index was slightly stronger at 95.38 from 95.32 yesterday.

-         The Yen was slightly stronger at 100.42: $1 up from 100.44: $1 yesterday against the dollar.

-         The Yuan was slightly stronger at 6.6682: $1 from 6.6701: $1 yesterday.

-         The Pound Sterling was slightly stronger at $1.2947: 1 from yesterdays $1.2933: 1.

 

Yuan Gold Fix

 

New York, Shanghai were barely changed on the day, but between the close of Shanghai and opening of London dealers have been pulling back prices ahead of the opening of London in line with a slightly weaker dollar, which then lifts prices in the Yuan.

 

To us this indicates the position of dealers [fearing sales, either because of their stock positions [unlikely] or because they may be caught on the exchange rates [likely], so take a cautious stance. Either way we do not see anything of significance in this as the prices are down only slightly.

 

The gold price in global gold markets still appears to be gathering strength to attack overhead resistance once more.

 

LBMA price setting:  The LBMA gold price

Article source: http://news.goldseek.com/GoldForecaster/1474983430.php

Gold And Silver Regain Momentum: 4 Mutual Funds To Buy

After rallying for the most part of this year, precious metals mutual funds lost their shine a little bit over the past one-month period as gold and silver prices witnessed a halt during the time frame. However, Fed’s no rate hike decision helped commodities to witness an impressive rebound last week. While price of gold for September delivery registered the highest weekly gain of 2.4% since June 10 to $1,337.20 per ounce, price of silver contract outperformed the yellow metal to surge 5% last week to $19.810.

Moreover, favorable outlook for the near term also indicates that these precious metals are poised to hold on to these gains in the days ahead. This may thus be an ideal time to invest in precious metals funds.

Fed’s No-Hike Fuels the Rise of Precious Metals

In its latest policy meeting, the Federal Market Open Committee (FOMC) decided to keep key interest rate unchanged, which played an important role in boosting the price of these precious metals. Though it hinted that a rate hike may occur by the end of this year, policy makers anticipated lower than earlier expected hikes in 2017. Fed Chair Janet Yellen said: “We judged that the case for an increase had strengthened but decided for the time being to wait for continued progress toward our objectives.”

Notably, policy makers now envisage two rate hikes in 2017, down from the June median projection of three, as per Bloomberg. It also cut

Article source: http://seekingalpha.com/article/4008585-gold-silver-regain-momentum-4-mutual-funds-buy

Silver Prices: Turn Lower Furthering Wedge Pattern – DailyFX

What’s inside:

  • Silver prices decline of trend-line resistance
  • Further convergence in price action could lead to explosive move in October
  • Support in the mid to lower 18s is the key to keeping silver macro-bullish, short-term leaves opportunities only for those looking for ‘quick-hitters’

To receive Paul’s analysis via email, please sign up here.

Last Thursday, when we last took a look at silver prices we noted it was trading at trend-line resistance off the July spike high, and that for now it would act as resistance until it was able to clear above. Silver attempted to push above the trend-line, but found sellers, putting in a small bearish reversal day. This gave would-be shorts a reason to look for the metal to turn back lower into the ongoing contraction in price action between rising the trend-line off the late-August lows above key long-term support (back to 2013) and the top-side trend-line.

At this juncture, with silver trading within the two converging lines there isn’t a whole lot to take away from the current technical structure for those looking to establish a position with intentions beyond the very near-term. Once free from congestion a sustainable move is likely to ensue.

As long as the lower trend-line and support in the mid-18s holds, then the period in recent weeks looks constructive within the uptrend off the December lows. Further contraction in the range could soon lead to an explosive breakout as we head into

Article source: https://www.dailyfx.com/forex/technical/home/analysis/xag-usd/2016/09/26/Silver-Prices-Turn-Lower-Furthering-Wedge-Pattern-PRtech.html

Gold and Silver Market Morning: Sep-26-2016 — Gold and silver building strength!





 – Published: Monday, 26 September 2016 | Print  | Disqus 

Gold Today New York closed at $1,337.90 Friday after the previous close of $1,337.10.  London opened at $1,334.00.

-         The $: was weaker at $1.1252: 1 from $1.1212: 1 Friday.

-         The Dollar index was weaker at 95.32 from 95.41 Friday.

-         The Yen was stronger at 100.44: $1 up from 100.84: $1 Friday against the dollar.

-         The Yuan was slightly weaker at 6.6701: $1 from 6.6693: $1 Friday.

-         The Pound Sterling was slightly weaker at $1.2933: 1 from Fridays $1.2968: 1.

 

Yuan Gold Fix

 

New York, Shanghai were in line but London again tried to pull prices down, while exchange rates showed a slightly mixed picture with the dollar tending weaker.

 

The gold price in global gold markets is trying to weaken as the gold price appears to be gathering strength to attack overhead resistance once more.

 

LBMA price setting:  The LBMA gold price setting was at $1,336.30 against Fridays $1,335.90.

 

The gold price in the euro was set at 1,187.61 against Fridays 1,191.12.

 

Ahead of the opening of New York the gold price was trading at $1,337.00 and in the euro at 1,186.71.  At the same time, the silver price was trading again at $19.50.

 

Silver Today The silver price rose to $19.66 at New

Article source: http://news.goldseek.com/GoldForecaster/1474895086.php

Gold, silver prices fall on weak global cues

NEW DELHI: Gold prices moved lower by Rs 80 to Rs 31,520 per 10 grams today, tracking a weak trend overseas amid slack demand from jewellers in the domestic spot market.

Silver also remained under selling pressure and lost another Rs 150 to Rs 46,350 per kg.

Traders said a weak trend overseas following gold’s retreat — after its biggest weekly advance in two months — in response to the dollar erasing losses dimmed its appeal as an alternative investment, which hit sentiment here.

Globally, gold was trading 0.31 per cent down at $1,333 an ounce in Singapore today.

Besides, a fall in demand from jewellers and retailers in domestic spot market weighed.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 80 each to Rs 31,520 and Rs 31,370 per 10 grams, respectively. It had gained Rs 80 in Saturday’s trade.

Sovereign, however, remained steady at Rs 24,500 per piece of eight grams.

Silver ready fell further by Rs 150 to Rs 46,350 per kg while weekly-based delivery by Rs 195 to Rs 46,620.

Silver coins, however, remained unaltered at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

Article source: http://economictimes.indiatimes.com/markets/commodities/news/gold-silver-prices-fall-on-weak-global-cues/articleshow/54523052.cms

Gold amp; Silver Regain Momentum: 4 Mutual Funds to Buy

After rallying for the most part of this year, precious metals mutual funds lost their shine a little bit over the past one-month period as gold and silver prices witnessed a halt during the time frame. However, Fed’s no rate hike decision helped commodities to witness an impressive rebound last week. While price of gold for September delivery registered the highest weekly gain of 2.4% since June 10 to $1,337.20 per ounce, price of silver contract outperformed the yellow metal to surge 5% last week to $19.810.

Moreover, favorable outlook for the near-term also indicates that these precious metals are poised to hold on to these gains in the days ahead. This may thus be an ideal time to invest in precious metals funds.

Fed’s No-Hike Fuels the Rise of Precious Metals

In its latest policy meeting, the Federal Market Open Committee (FOMC) decided to keep key interest rate unchanged, which played an important role in boosting the price of these precious metals. Though it hinted that a rate hike may occur by the end of this year, policy makers anticipated lower than earlier expected hikes in 2017. Fed Chair Janet Yellen said: “We judged that the case for an increase had strengthened but decided for the time being to wait for continued progress toward our objectives.”

Notably, policy makers now envisage two rate hikes in 2017, down from the June median projection of three, as per Bloomberg. It also cut its long-term target for fed funds to 2.9% from 3%. Though currently

Article source: https://www.zacks.com/stock/news/232475/gold-amp-silver-regain-momentum-4-mutual-funds-to-buy

Silver Prices: Turn Lower Furthering Wedge Pattern

What’s inside:

  • Silver prices decline of trend-line resistance
  • Further convergence in price action could lead to explosive move in October
  • Support in the mid to lower 18s is the key to keeping silver macro-bullish, short-term leaves opportunities only for those looking for ‘quick-hitters’

To receive Paul’s analysis via email, please sign up here.

Last Thursday, when we last took a look at silver prices we noted it was trading at trend-line resistance off the July spike high, and that for now it would act as resistance until it was able to clear above. Silver attempted to push above the trend-line, but found sellers, putting in a small bearish reversal day. This gave would-be shorts a reason to look for the metal to turn back lower into the ongoing contraction in price action between rising the trend-line off the late-August lows above key long-term support (back to 2013) and the top-side trend-line.

At this juncture, with silver trading within the two converging lines there isn’t a whole lot to take away from the current technical structure for those looking to establish a position with intentions beyond the very near-term. Once free from congestion a sustainable move is likely to ensue.

As long as the lower trend-line and support in the mid-18s holds, then the period in recent weeks looks constructive within the uptrend off the December lows. Further contraction in the range could soon lead to an explosive breakout as we head into

Article source: https://www.dailyfx.com/forex/technical/home/analysis/xag-usd/2016/09/26/Silver-Prices-Turn-Lower-Furthering-Wedge-Pattern-PRtech.html

Silver Price Weekly Outlook for September 26-September 30

Silver prices started off last week’s trading on a strong note and the advanced extended into Thursday, bolstered by Wednesday’s announcement that the Federal Reserve was leaving the target range for the federal funds rate unchanged at 0.25% to 0.5%. The contract for December settlement established a high for the week at $20.145 on Thursday, then came under some selling pressure on Friday, to close the session at $19.810. From the prior Friday, the contract was up just over 5%, outperforming gold, which gained 2.4% for the week.

The vote by the Federal Open Market Committee was seven to three, with seven voting in favor of the policy inaction. The three dissenting votes may be considered an indication that precious metals will continue to experience volatility in reaction to comments from Federal Reserve officials in the weeks ahead of the December 13-14 FOMC meeting.

And, the coming week’s calendar is heavy with Fed speakers. FOMC Member Daniel Tarullo is scheduled to speak on Monday. FOMC Member Stanley Fischer will speak on Tuesday. FOMC Members Bullard and George will speak on Wednesday and FOMC Member Powell will speak on Thursday. Chicago Fed President Evans and Atlanta Fed President Lockhart are also expected to speak next week. Topping the list, however, is Federal Reserve Chair, Janet Yellen. She testifies before the House Financial Services Committee on regulation and supervision Wednesday at 10:00AM ET. Then on Thursday, Yellen is due to

Article source: http://www.economiccalendar.com/2016/09/25/silver-price-weekly-outlook-for-september-26-september-30/

Gold And Silver Surge On Federal Reserve Smoke And Mirrors

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Coming up we’ll hear a wonderful interview with Guy Christopher, one of our most popular columnists at MoneyMetals.com. Guy enlightens us as only he can on a couple of well-known but very misunderstood stories – Robin Hood and The Wizard of Oz – and explains how both underwent changes and ultimately developed either a socialistic or an anti-sound money narrative. You will not want to miss a fascinating interview with Guy Christopher, coming up after this week’s market update.

Well, it’s been a big week in the precious metals markets, with gold and silver prices surging following the Federal Reserve’s rate decision.

As expected, the Fed left its benchmark interest rate unchanged. Fed chair Janet Yellen touted “progress” in the economy. She expressed confidence that more progress would allow the Fed to hike before the end of the year – just not before the election.

Of course, there is plenty of suspicion swirling that the Fed’s policy timing is politically motivated. Yellen herself issued a pointed denial following Wednesday’s policy announcement. Doth protest to much?

NBR News: The Fed’s next meeting comes just one week before the November elections with the Fed chair dismissing statements from Republican Presidential nominee, Donald Trump, that policymakers are playing politics with interest rate decisions.

Janet Yellen: I can say emphatically that partisan politics plays no role in our decisions about the appropriate stance of monetary

Article source: http://seekingalpha.com/article/4008229-gold-silver-surge-federal-reserve-smoke-mirrors