06th August, 2018

Monday, August 6

Financial markets in Canada will be closed for a holiday.

Daily Gold Market Report

Midday update for Gold 06-08-2018
Gold price resumes its negative trading to move away from the EMA50, motivated by stochastic negativity, to keep the bearish trend scenario active for the rest of the day, which its targets begin by breaking 1204.50 level to confirm extending the bearish wave towards 1180.55, reminding you that holding below 1220.00 is important to continue the suggested bearish bias. Expected trading range for today is between 1200.00 support and 1225.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Midday update for Silver 06-08-2018
Silver price trades negatively now on its way to return to the bearish channel that appears on the chart, which reinforces the expectations of continuing the bearish trend in the upcoming sessions, supported by stochastic and the EMA50 negativity, waiting to target 15.20 followed by 14.77 levels initially, while holding below 15.50 represents key condition to continue the expected bearish wave. Expected trading range for today is between 15.20 support and 15.60 resistance. Expected trend for today: Bearish

IBJA announces launch of "Indian Jewellers Week" (IJW) a dream project for manufacturers and wholesalers across India with its first edition at Zaveri Bazaar, Mumbai from 1st to 7th October 2018. IJW ,
the business at your doorstep is organised by Glambox.
Banaye Aasan Jewellery Vyapar

Silver is not oversold on the daily chart

Gold bounce from 1205/04 took prices back to 1220 in the first show of strength for a month. I am taking this as a buy signal to try longs with stops below 1200. Holding above 1212/10 today targets 1217/19. A break above here is a short term buy signal targeting resistance at 1227/29. We should struggle here initially but shorts are looking too risky now. I think we have a trend change. Above 1230 targets 1234/35 & strong resistance at 1242/43. A break below 1200 kills the bull signal & risks a slide to 1195/94, 1190 & 1188/87.

Silver spot Levels: Further advance

Pivot (invalidation): 1213.00 Our preference Long positions above 1213.00 with targets at 1219.50 & 1222.00 in extension. Alternative scenario Below 1213.00 look for further downside with 1210.50 & 1207.00 as targets. Comment The RSI advocates for further upside.

Gold Extends Recovery As Dollar Steadies

BENGALURU, Aug 6 (Reuters) - Gold prices held onto the last session's gains early on Monday, extending a rally from a 17-month low, as the U.S. dollar traded largely steady. FUNDAMENTALS * Spot gold was up 0.1 percent at $1,214.76 an ounce at 0056 GMT, building on its 0.5 percent gain on Friday. The metal had also hit its lowest since March 2017 at $1,204 an ounce in the previous session. * U.S. gold futures were little changed at $1,223.4 an ounce. * The dollar index, which measures the greenback against a basket of six major currencies, was up 0.1 percent at 95.243.

Rising gold dore imports to India to dent banks's market share

India imports gold dore mainly from Ghana and Peru, while refined gold lands from Switzerland and the United Arab Emirates. India's gold dore imports may rise to a record in 2018 on lower import duties, leading the country's bullion refiners to eat away at the share of the gold market held by banks. Imports of dore, a semi-pure alloy made by miners, may climb to 300 tonnes this year from 250.6 tonnes, James Jose, the secretary of the Association of Gold Refineries and Mints, said on Saturday on the sidelines of the India International Gold Convention in the southern Indian city of Kochi.

Perth Mint’s IT Guy Steals $40K Worth Of Gold To ‘Shower’ Fiancée ‘With Gifts’

(Kitco News) - An IT technician working for the Australian Perth Mint stole AUD$55,000 (USD$41,000) worth of gold coins and bars “to maintain a lifestyle” demanded by his then-fiancée,” according to the defense lawyer on the case. Following court proceedings, the judge sentenced Joseph Charles Viola to two years in prison, requiring him to serve at least half the term before being eligible for early release.

Be Ready For Gold’s ‘Bullish Wave’ — Analyst

(Kitco News) - Struggling gold prices will soon see better days, with a bullish wave projected to bring about as high a level as $1,370 this year, according to one analyst. “At the present juncture, sentiment in the gold market looks excessively bearish, which is unsustainable,” Metal Bulletin precious metals analyst Boris Mikanikrezai wrote in a Seeking Alpha post on Friday.

Gold prices extend gains on firm global cues, jewellers’ buying

New Delhi: Rising for the second straight day, gold prices gained ₹65 to reach ₹30,550 per 10 grams in Delhi bullion market on Saturday on sustained buying by local jewellers amid a firm trend overseas, reported PTI. Marketmen said sentiment was bolstered after gold bounced in global markets, as a weak US jobs data pushed the dollar lower. Increased buying by local jewellers to meet the rising demand at the domestic spot market too fulled the uptrend, the agency reported.

Massive gold treasure found in Kazakhstan

Archaeologists working in the remote Tarbagatai Mountains of northeastern Kazakhstan unearthed 3,000 gold and precious metals objects and jewelry pieces that are presumed to date back almost 800 years before Christ. The treasure, found at the ‘Yeleke Sazy’ burial site, probably belonged to a noble family of the Saka people who ruled throughout central Asia 2,800 years ago and were a nomadic sub-group of the great Scythian people.

Another Week, Another Improvement In Gold's Prospects

The past few months have added some cred to the “sell in May and go away” rule of thumb for precious metals, as gold’s price action has been both boring and depressing. It’s now close to its 12-month low, while a lot of miners are providing material for the old joke: “Want to make a small fortune in gold mining stocks? Start with a large fortune…”

Gold / Silver / Copper Prices - Weekly Outlook: August 6 - 10

Gold extends rally from 17-month low, stronger dollar caps gains

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