Morning Gold Fix – December 28, 2010
FMX | Connect – www.fmxconnect.com - (Reported 12/28/2010)
The following is a summary of yesterday’s US gold activity and a recap of Asia & European markets overnight. It includes our proprietary options analytics and news stories from industry professionals.
Summary
February Gold settled at $1382.90 per 100 troy ounces on Monday, a net gain of $2.40 for the day.
February gold was up $17.1 to $1400.0 per 100 troy ounces as of 8:20 AM EST this morning. The March U.S. dollar index was down 0.117 to $80.9805 January platinum was up $16.8 to $1752.3 per 50 troy ounces. March silver was up 15.50 cents to $29.610.
Gold Options Report
For Market Prices Click Here
Daily Technical Overview
FEB GOLD
Last week’s declines still indicate a short term bear turnover from recent flagging congestion and alerts for declines down against 135450-. Tight sideways congestion should bear flag to setup for selloffs. A drop under 136540 should propel a larger selling wave to 135450-. Near term corrections may lead to
additional congestion, but only a close over 1389* voids aggressive bear forces. A close over 140540* is needed to rekindle bull trend forces.
MAR SILVER
Overall the market remains in a bull trend. A close over 29788 will spark rallies against the last 3075 swing high. However, the setback last week gives near term negative signals and rejected rallies around last week’s gap over 29645 could flip trade to selloffs to again test 2881*. A close under 2881* hurts upside forces and should extend corrections. A close below 28025* key support highlights a larger topping downturn, warning for a selloff below 2700-.
MAR COPPER
The market is bullish and powering a breakout over an old monthly high into new high territory, opening up potential for major advances from current levels. The initial breakout target is 43750-440 and shows potential to 450-460. Corrective dips that hold off 41615* will reinforce the bull pattern and provide a staging level for rallies. A close under 41615* is needed to send a break to 405-400.
In the News
Bloomberg (Reported 12/28/2010)
“Gold futures advanced in New York on speculation that the dollar’s retreat may boost demand for the precious metal as an alternative investment. Silver also rose. The dollar fell for a fourth consecutive day against the euro on speculation that a U.S. report today will show home prices fell, backing the case for the Federal Reserve to keep interest rates near zero. Precious metals typically move inversely to the U.S. currency.” Gold Advances for a Third Day as Declining Dollar Boosts Investment Appeal.
Reuters (Reported 12/28/2010)
“The euro rose sharply as bears were forced to abandon their bets on Tuesday while the dollar came under broad selling pressure, hitting a three-week low against the yen and a seven-week low against the Australian dollar. "Gold is riding high on its own, but with the euro/dollar bid, it's even better," said a Singapore-based trader. "Asians have been non-stop buyers, and want to load up when gold is some 40 bucks off the all-time highs." PRECIOUS-Gold up on dollar weakness, Asian buying.
NS Futures (Reported 12/28/2010)
“February gold in the early action today has managed a quasi upside breakout on the back of a gap down failure in the US Dollar. The market might also be catching a lift from a series of favorable 2011 prices forecasts from analysts, which are generally touting the metals to perform strongly.
While equity markets in Asia were generally weaker, stock indices in Europe are generally stronger during overnight trading. Early indications are for the US stock market to open moderately higher this morning.” Precious Metals Commentary.
For More Energy News
Precious Metals
Softs & Ags
To view our metals reports and articles on your PDA or mobile device, click here.
For comments and questions contact us at 203-504-2786, support@fmxconnect.com or AIM: fmxconnect.
-----
About FMX: FMX Connect is an information, data, and analytics portal for Commodities. The portal provides an all-in-one package including essential market data, independent third party research, industry news, and commodity trading tools. FMX Connect provides efficient, effective, and thorough data that bridges all aspects of commodities onto one screen. The Result; A user friendly application for hedge fund traders, OTC brokers, individual investors, and industry participants
-----
Note: The information presented, while from sources generally believed to be reliable, is not guaranteed and may not be complete. FMX | Connect makes no representations or warranties regarding the correctness of any opinions or information. Past results are not necessarily indicative of future results. Nothing in this report should be construed as a representation to buy or sell shares, futures or options, which contain considerable risks. For internal client distribution only. Any reproduction, re-transmission, or distribution of this report without permission is prohibited. Media correspondents or reporters may not quote any one page or section in its entirety and must attribute all quotes, ideas or concepts herein. Copyright FMX | Connect, ©2009-2010. All rights reserved.