NEW YORK (Reuters) – It’s hard to be upbeat about gold these days, but technical analysts are keeping their faith in the long-term bull run — just barely.
As the precious metal fell by a record over $120 an ounce on Friday and Monday, peak to trough, gold selling snowballed as several important technical support levels were breached. What began in early September as a correction after several months of accelerating gains has threatened to become a rout.
NEW YORK (Reuters) – Commodity investors fled for the exits on Thursday in a panic over raw materials demand, unconvinced that Federal Reserve action will stem a global economic slowdown that shows signs of infecting China and Germany.
Cyclical commodities took the hardest hit in the broad flight from risk, especially copper futures, which fell 7.9 percent, the biggest daily loss since the financial crisis in late 2008. U.S. crude lost 6 percent and silver, one of the most volatile markets, tumbled almost 10 percent.
NEW YORK (Reuters) – Safe-haven buying lifted gold above $1,800 per ounce for the first time and oil rebounded from six month lows on Wedesday as confidence in the U.S. and euro zone economies eroded fast, while the outlook for Chinese commodities demand brightened.
With global interest rates very low, many investors bought commodities as a wealth-preservation alternative to cash. That flight to safety added 1.4 percent to the Reuters-Jefferies CRB Index, a day after the benchmark basket of 19 commodity futures hit an eight-month low as money fled plunging stock markets.