Gold Fraud Investment Tips - Gold /Silver / Copper futures - Weekly outlook: August 19 - 23
Investing.com
- Gold futures rallied to an eight-week high on Friday, after a series of
downbeat U.S. economic data dampened speculation the Federal Reserve will begin
to taper its bond-buying program as soon as September.
Moves
in the gold price this year have largely tracked shifting expectations as to
whether the U.S. central bank would end its quantitative easing program
sooner-than-expected.
On the
Comex division of the New York Mercantile Exchange, gold futures for December
delivery jumped 1.15% on Friday to settle the week at USD1,376.30 a troy ounce.
Earlier
in the session gold prices hit USD1,379.10 a troy ounce, the highest level
since June 18.
Gold
futures were likely to find support at USD1,304.50 a troy ounce, the low from
August 9 and near-term resistance at USD1,391.35, the high from June 17.
Gold
prices added 4.55% on the week, the strongest gain since the week ending July
12. The precious metal has rebounded 16% since hitting a 34-month low of
USD1,180.15 a troy ounce on June 28.
Gold
found support after the University of Michigan said its consumer sentiment
index fell from a six-year high of 85.1 in July to 80.0 in August. Economists
had expected the index to tick up to 85.5.
Separate
reports showed that U.S. housing starts rose less-than-expected in July and
building permits also fell short of expectations last month.
Gold
traders have closely been looking out for U.S. data reports recently to gauge
if they will strengthen or weaken the case for the Fed to reduce its bond
purchases.
Any
improvement in the U.S. economy was likely to reinforce the view that the
central bank will begin to taper its bond purchase program in the coming
months.
An
exit from the stimulus would deal a heavy blow to gold, which has thrived on
demand from investors who buy gold to hedge against the inflationary risks of
loose monetary policies.
In the
week ahead, investors will be looking ahead to Wednesday’s minutes of the
Federal Reserve’s most recent meeting, while U.S. data on initial jobless
claims and the housing sector will also be closely watched.
Elsewhere
on the Comex, silver for September delivery rallied 1.3% on Friday to settle
the week at USD23.23 a troy ounce, the strongest level since May 15.
On the
week, silver future prices surged 11.7%, the biggest weekly advance since
September 2008.
Silver
prices are up 24% since hitting a three-year low of USD18.19 on June 28,
placing it firmly in bull-market territory.
Meanwhile,
copper for September delivery rose 0.75% on Friday to close the week at
USD3.362 a pound, the highest since June 5. The red metal gained 1.55% on the
week, the second consecutive weekly advance.
The
industrial metal was boosted after a raft of upbeat global economic data
fuelled hopes for higher demand for the metal.
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Today’s most accurate tip for commodity
ReplyDeleteGOLD (5 FEB.) TREND: BEARISH
RES 1: 29300
RES 2: 29600
SUPP 1: 28650
SUPP 2: 28300
STRATEGY: SELL ON HIGH
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