NEW YORK/LONDON, July 29 (Reuters) – Gold slipped on Monday,
as investors took profits after three weeks of gains and turned
their attention to a U.S. Federal Reserve policy meeting later
this week that is widely expected to reaffirm its near-zero
interest rate stance.
Spot gold eased 0.29 percent to $1,329.44 an ounce by
12:39 p.m. EDT (1639 GMT). Last week, the precious metal
regained the $1,300 level for the first time in a month. It rose
9 percent over the last three weeks.
NEW YORK (Reuters) – Spot gold’s sharp tumble on Wednesday sent a bearish signal to many technical analysts, suggesting that the precious metal may slide further toward three-year lows.
Although gold was up for the week, the bears pointed to bullion’s 2.65 percent slide on Wednesday off of an exact double top at its one-month high. They said this indicated that impetus to push above the $1,347.69 per ounce high had run out. Despite the bearish consensus, at least one analyst held out hope that gold could rebound to the highs of early this year around $1,700 an ounce.
NEW YORK, July 17 (Reuters) – Commodity markets were mixed
after Federal Reserve Chairman Ben Bernanke testified to
Congress, with gold and copper sliding more then 1 percent and
crude oil prices maintaining the session’s gains.
“Traders would be very cautious in taking fresh positions
given that they have been burnt on both sides, on the dovish
side as well as the hawkish side,” said Ben Le Brun, an analyst
at OptionsXpress in Sydney.
I recently chatted with veteran technical analyst Ralph Acampora, a director at Geneva-based Altaira Ltd., about secular bull trends in the U.S. stock market. A real secular bull market can last decades, and he sees this equity market uptrend as similar to the long-term bull markets in the 1960’s and, more obviously on technical charts, the 1990’s. He pointed out that bull-and-bear trend measures and other short-term sentiment readings can change week to week, confusing some participants about the market’s longer-term path. Acampora laid out the psychology behind sentiment in a secular bull market, which has three long phases. It starts with fear of the bear market at the stock market’s bottom. At the March 2009 low, everyone was worried about further declines and losing money. The mood was characterized by fear and disbelief. In reaction, the first buyers in a classic bull market gravitate toward quality stocks. They lead equities higher, because no one wants to take risk. Investors say, “I’ll never do that again,” about buying junk. They only want high quality, high-yielding stocks. That’s Phase 1. It began in 2009 and lasted until now.
Phase 2 is characterized by trust and belief, and is led by secondary stocks. Since June 24, the Russell 2000 launched an advance, climbing straight up. Acampora said a lot of small- and mid-cap stocks are making new highs, whereas some Dow Jones blue chips are beginning to move sideways.
NEW YORK, July 9 (Reuters) – Chinese inflation data lifted
gold to a one-week high and fears of further violence in Egypt
kept oil prices firm despite the dollar’s rally on Tuesday, but
copper gave in to the dollar’s strength as well as concerns
about the impact of rising prices on China’s growth.
At the Chicago Board of Trade, corn and soybean futures rose
for a second straight session on worries that hot, dry weather
in parts of the U.S. Midwest could stress crops later this
NEW YORK, July 8 (Reuters) – Oil prices slipped on Monday as
supply worries eased after announcements that a Libyan oilfield
and an Iraqi pipeline would resume operations, but the dollar’s
decline helped gold and copper rebound from last week’s steep
Among grains, U.S. corn prices rose on worries about
forecasts for stressful Midwest heat later in the month and
new-crop soybeans followed corn higher. Wheat advanced on demand
for U.S. grain exports and concerns about crops in Russia.
NEW YORK/LONDON, July 2 (Reuters) – Gold was lower on
Tuesday as the dollar strengthened and investors looked for
further indications that the Federal Reserve may soon end its
U.S. stimulus program.
One indication may be on Friday with a U.S. employment
The precious metal was higher early on Tuesday on short
covering after its biggest quarterly loss since at least 1968.
But those gains were brief as some money managers used the
opportunity to sell out of long positions.
NEW YORK, June 11 (Reuters) – ICE raw sugar futures pared
some early losses on Tuesday after a much-awaited report from
Brazil’s cane industry group showed a sharp drop in sugar
crushings and that mills favored ethanol production over cane
sugar during the second half of May.
But sugar prices failed to rally when Unica also said it
expected the fast pace of cane crushings in the world’s largest
producer to resume in June with the return of dry weather.
NEW YORK/LONDON, June 11 (Reuters) – ICE raw sugar futures
eased to their lowest level in about three years, pressured by a
huge harvest in top grower Brazil, before the release of
Brazilian cane industry data due later on Tuesday.
Arabica coffee dropped under pressured from surplus supply,
and ICE cocoa was down in light volume against a backdrop of
favourable crop weather in West Africa.
NEW YORK (Reuters) – Gold prices held onto gains in late Wednesday trade as investors sought safer assets after a private U.S. jobs reading fell short of expectations.
The sluggish hiring pace by U.S. firms in May curbed speculation that the Federal Reserve may begin to taper its $85 billion monthly bond-buying program, part of a set of stimulus measures by the Fed known as quantitative easing, or QE.