Articles


  • Gold Up, Hits 3.5-Month High, as Near-Term Technicals are Bullish




    Gold Up, Hits 3.5-Month High, as Near-Term Technicals are Bullish

    Thursday October 15, 2015 13:50
    (Kitco News) - Gold prices ended the U.S. day session moderately higher and hit a 3.5-month high Thursday, on follow-through buying strength after Wednesday’s solid gains. Prices are now closing in on $1,200.00 an ounce. Bullish near-term technical momentum continues to build for the yellow metal, and to a lesser extent for silver, whose prices are hovering at a nearly four-month high. December Comex gold was last up $7.30 at $1,187.10 an ounce. December Comex silver was last up $0.038 at $16.15 an ounce.

    Gold prices lost some early gains following a decline in U.S. jobless claims, reported Thursday morning, that are now at a 40-year low. The upbeat jobless claims report fell into the camp of the U.S. monetary policy hawks that want to see the Federal Reserve raise interest rates sooner rather than later. The jobless claims report also sent the U.S. dollar index to solidly higher price levels on the day, which in turn helped to pressure the gold market. However, gold prices did rebound a bit as the session progressed.

    A feature in the marketplace this week has been the recent strong rally in gold prices. Gold is one of the commodity markets showing bullish “green shoots” that are indicating the raw commodity sector could be coming out of its bust cycle.

    The market place was uneventful overnight amid no major economic news coming out of Asia or Europe, and no geopolitical flare-ups.

    Technically, December gold futures prices closed nearer the session high today. The bulls have the overall near-term technical advantage and have momentum on their side, too. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,200.00. Bears’ next near-term downside price breakout objective is closing prices below solid technical support at $1,156.40. First resistance is seen at today’s high of $1,191.70 and then at $1,200.00. First support is seen at $1,180.00 and then at today’s low of $1,173.90. Wyckoff’s Market Rating: 6.5

    December silver futures prices closed nearer the session high and closed at a nearly four-month high close today. The silver market bulls have the near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $16.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.25. First resistance is seen at $16.25 and then at $16.50. Next support is seen at $16.00 and then at Wednesday’s low of $15.79. Wyckoff’s Market Rating: 6.0.

    December N.Y. copper closed up 95 points at 242.50 cents today. Prices closed nearer the session high today and closed at a three-week high close, on short covering. Copper bears still have the overall near-term technical advantage. However, prices have been trending higher for the past two weeks. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the September high of 249.30 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of 220.25 cents. First resistance is seen at last week’s high of 243.75 cents and then at 245.00 cents. First support is seen at 240.00 cents and then at this week’s low of 237.70 cents. Wyckoff’s Market Rating: 3.0.


    Read full article
  • Rabindra Kayastha

    Authorized Person for MEX NEPAL
    Mob: +977 9856030634

  • Pawan Dhakal

    Biratnagar Branch Manager
    Mob: +977 9852033934

  • Our Clearing Member

    Himalayan Commodity Brokers
  • Our Banking Partners

    Laxmi Bank
  • Bank of Kathmandu
  • Nepal Investment Bank Limited
  • Century Commercial Bank Limited