Comex gold futures closed higher yesterday, with the June contract up 0.9% to settle at $1,643.90 per troy ounce – buoyed by news that Indian gold imports are to resume following a 20-day strike by jewellery dealers in protest against new taxes. Platinum also eked out some modest gains, though palladium and silver struggled, with the front-month silver contract losing 0.65% (21 cents) to settle at $31.52 per troy ounce.
Thus the consolidation goes on in the metals, though gold bulls will want to see the metal quickly recover back above its 50-week moving average around $1,660. Technical patterns on longer-term price charts (weekly and monthly) are far more significant in terms of the cues they offer traders – Dan Norcini highlighting the importance of a critical support zone between $1,525 and $1,565 on the weekly chart. Thankfully though we’ve got some breathing space between here and there, and economic news in recent days has been bullish as far as gold prices are concerned.
“Spanish Yields Soar Amid Fears” screams the WSJ headline, with yields on the 10-year Spanish government bond climbing 0.09% yesterday to 5.83% – their highest level since early December, before the first of the European Central Bank’s “long-term refinancing operations”. Italian 10-year yields were also up 0.11%, with continuing evidence that money is fleeing the eurozone periphery for “core” euro nations such as France and Germany. Bob Wenzel comments that before this is all over, “the eurozone experiment will have resulted in turning much of the southern eurozone into a third world zone.” We can only hope that he’s wrong.
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Gold Bulls Cheered By Resumption Of Indian Gold Trading: April 10, 2012
Published 04/10/2012, 08:46 AM
Updated 05/14/2017, 06:45 AM
Gold Bulls Cheered By Resumption Of Indian Gold Trading: April 10, 2012
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