Forex gold technicals karachi

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04/11/2022

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08/03/2013

Kitco News Gold Survey, out of 33 participants, 25 responded this week. Of those 26 participants, six see prices up, while nine see prices down, and 10 see prices moving sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.

28/02/2013

Gold headed for a fifth monthly decline in the longest run of losses since 1997 as investors reduced holdings by more than 100 metric tons on concern that U.S. stimulus may be curtailed as the economy recovers.
Spot gold was little changed at $1,598.76 an ounce at 11:44 a.m. in Singapore, down 3.9 percent in February. The metal reached $1,555.55 on Feb. 21, the lowest price since July, as some U.S. central bankers sought more flexibility on stimulus. Assets in bullion-backed exchange-traded products slumped to a five-month low of 2,508.53 tons yesterday and are poised to drop 4 percent this month, the biggest fall since April 2008. In volume terms, global holdings have dropped by 103.7 tons this month, more than five times the net sales in January.
Bullion is still 1.1 percent higher this week as volumes on the Shanghai Gold Exchange surged and data showed that Russia and Kazakhstan expanded gold reserves for a fourth month in January. U.S. Federal Reserve Chairman Ben S. Bernanke’s defense this week of the central bank’s asset purchases and political turmoil in Italy after an election also spurred demand.
“The bullion market now is focusing on the eventual withdrawal of monetary stimulus, compared to a year ago, when the market was more focused on expectations of further monetary policy easing,” James Steel, an analyst at HSBC Securities (USA) Inc., wrote in a note.
Bernanke said yesterday in the final of two days of testimony to U.S. lawmakers that the central bank may decide to hold bonds on its $3.1 trillion balance sheet to maturity as part of a review of its strategy for an exit from record monetary easing. The comments came before $85 billion in automatic federal spending cuts begin to take from tomorrow.

Gold headed for a fifth monthly decline in the longest run of losses since 1997 as investors reduced holdings by more than 100 metric tons on concern that U.S. stimulus may be curtailed as the economy recovers.

14/02/2013

Thursday's GOLD Analytical Chart #1 [http://bit.ly/dLzDzK]

14/02/2013

Gold prices continued to decay on Wednesday, as the market continues to hold in a tight range which is discouraging new buying interest, analysts said.

A slightly higher U.S. dollar put mild pressure on precious metals earlier in the day, but overall the influence of the dollar was light, they added.

Most-active April gold on the Comex division of the Nymex settled at $1,645.10, down $7.10, and March silver settled at $30.869, down 20.9 cents.

Gold prices held in a slight range, kept in check by a lack of influencing factors. With little fresh news to push the market, the yellow metal continues to trade off technical chart signals.

Frank Lesh, broker and futures analyst with FuturePath Trading, said the technical charts look weak for gold. However, charts aren’t so weak that bears would see an opportunity to sell. “It’s a trader’s market right now,” he said.

Part of what’s keeping gold in a tight range is a relatively calm trading atmosphere in general. “There’s not a lot of fear out there for the moment” that would drive investors into gold for safe-haven reasons, he said.

On the other hand, gold has also broken its correlation with stocks. In 2012, gold and stocks were trading lock-step, but now equity indexes are nearing record highs and gold is wallowing.

Another hang-up for gold is the lack of interest in general by non-traditional market players for the yellow metal and commodities in general. Pension funds and other types of non-traditional users had come into the commodity markets in recent years, but lackluster returns are causing them to rethink those ideas, he said.

Analysts at Triland Metals said while the market is finding support at $1,642, gold seems to have trouble moving higher from support floors. “A breakout of the $1,640 - $1,655 fifteen-dollar range should dictate the next substantial move,” they said.

Gold might try to test support at the $1,626 level, which they said was key support. It’s possible gold might try to make one shot at trying to take out $1,660 before testing the downside, they added. “Trading activity towards the close today (Wednesday) suggests that the metals could grind lower first. Fundamental reasons to own gold continue to languish,” they said.

13/02/2013

Intermediate Trend: Sideways
Short Term trend: Bearish to Sideways

Expected trading range for today: 1625.00- 1666.00

Although gold has reached our first target at 1645.00 level, we remain concerned, as two factors suggest a rebound, the metals failure to close below 1647.00 yesterday, in addition to the bullish harmonic Gartley that could be completed at 1640.00 level yesterday. In any case, we will continue to hold onto our bearish downside targets, but will move our stop loss level to entry point for a risk free trade. A daily closing below 1647.00 could give the bearish scenario further confirmation.