16th August, 2018

Thursday, August 16

Australia is to publish its latest employment report.
The UK is to report on retail sales.
Canada is to publish figures on manufacturing sales.
The U.S. is to release reports on building permits, housing starts, jobless claims and manufacturing activity in the Philadelphia region.

Daily Gold Market Report

Midday update for Gold 16-08-2018
Gold price provides positive trading to approach the key resistance 1182.00, and as we mentioned this morning, holding below this level is important to continue the bearish trend scenario for today, as breaching it will push the price to visit 1210.00 areas before any new negative attempt. Until now, we will continue to suggest the bearish trend for today conditioned by the price stability below 1182.00, supported by stochastic loss to the positive momentum, reminding you that our next main target is located at 1156.40. Expected trading range for today is between 1155.00 support and 1180.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Midday update for Silver 16-08-2018
Silver price shows clear positive trades to approach testing the bearish channel’s resistance that appears on the chart, and as long as the price is below 14.80, our bearish overview will remain active for today, supported by the negative pressure formed by the EMA50, waiting to rebound bearishly to target 14.15 followed by 13.75 as next main stations. Expected trading range for today is between 14.15 support and 14.65 resistance. Expected trend for today: Bearish

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Gold Spot Levels: Key resistance at 1176.00

Pivot (invalidation): 1176.00 Our preference Short positions below 1176.00 with targets at 1166.50 & 1160.00 in extension. Alternative scenario Above 1176.00 look for further upside with 1184.00 & 1189.00 as targets. Comment The RSI is mixed to bearish.

Gold prices slump today, silver follows suit

New Delhi: Gold prices tumbled by Rs 290 to Rs 30,340 per 10 grams on Thursday dragged by weak trend overseas and falling demand from local jewellers, reported PTI. In global markets, gold prices also remained weak but clawed back from a 19-month low. Short-covering and a slight softening of the US dollar, following news that US and China will hold trade talks late this month, helped global prices to pullback slightly after falling to 19-month low. Global gold prices, which have largely been pressured by a strong dollar and rising US interest rates, have shed nearly 10% in 2018.

Gold fails to stay above $1200 in the early NA session

The troy ounce of the precious metal dropped to its worst level in nearly 20-months at $1194.66 earlier today before recovering above the critical $1200 mark. However, the pair lost its momentum after rising toward the $1203 mark and reversed its course. At the moment, the pair was trading at $1196, losing more than $15 on the day.

Gold hits more than 18-month low as dollar gains on Turkey troubles

NEW YORK/LONDON (Reuters) - Gold fell to a more than 18-month low on Wednesday as the dollar climbed towards its highest in over a year on concerns about global market contagion triggered by recent declines in the Turkish lira. Further gold liquidation from emerging markets to strengthen local currencies also pressured bullion, several traders said. The advancing dollar and worries of continued oversupply also pushed platinum and palladium to their lowest since October 2008 and July 2017 respectively. “The story for gold is very much about dollar strength and emerging market weakness,” said Mitsubishi analyst Jonathan Butler.

Gold recovers from 19-month low as U.S. dollar softens

BENGALURU (Reuters) - Gold clawed back from a 19-month low on Thursday on short-covering and as the U.S. dollar softened following news that Beijing will hold trade talks with Washington late this month.

Why Gold Could Be Set For Seasonal Strength

Warren Buffett is not a fan of gold because it is not a productive asset. Given a choice between an asset that earns a return every year, such as farmland, and an asset that does nothing, such as gold, Buffett would always select the productive asset. However, great investor Ray Dalio has a more positive view of gold. He concedes over the long-term it's not the best investment, but over the short-term, it can be a useful alternative to cash, given its scarcity.

Gold settles at lowest level in more than 1 ½ years in broad metals-sector rout

Gold closed at a more-than-1-1/2-year low on Wednesday amid a widespread downdraft in the metals sector, fueled partly by the U.S. dollar extending its recent rally to a 14-month peak. “Gold prices have fallen to an 18-month low overnight as the ‘big’ dollar hit a 15-month high on risk aversion demand emerging from concerns about Turkey’s financial turmoil,” said Dean Popplewell, vice president of market analysis at Oanda.

Gold futures trading in Turkey doubles during lira's wild rollercoaster ride

The raging diplomatic row between Ankara and Washington has put immense pressure on the Turkish lira and as a result, gold futures trading has nearly doubled in the country as investors scramble for traditional safe havens.

Gold Prices Plunge To 19-Month Low: 5 Things To Know

Gold prices tumbled by Rs. 290 to Rs. 30,340 per 10 grams at the bullion market on Thursday, driven by weak global cues amid fall in demand from local jewellers, reported news agency Press Trust of India (PTI). Silver followed suit and dropped by Rs. 715 to Rs. 38,000 per kg due to poor offtake by industrial units and coin makers.

Silver prices drop 3% in futures trade

New Delhi, Aug 16 (PTI) Silver prices slumped by Rs 1,229 to Rs 37,398 per kg in futures trade today as speculators cut bets even as the white metal recovered overseas. Silver for delivery in December was down by Rs 1,212 or 3.18 per cent, to Rs 37,398 per kg in futures trade at the Multi Commodity Exchange. It clocked a business volume of 398 lots. On similar lines, the contract for delivery in September dropped Rs 1,212, or 3.21 per cent, to Rs 36,587 per kg with a business volume of 2,872 lots.

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Address : B33, Ansal Chamber 2, Bhikaji Cama Place, RK Puram, New Delhi 110066.
Contact Person: Mr. K.P Singh on 9540230600.

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