EUROSYSTEM SOURCE: ECB awaiting German court ruling before intervening
- ECB ready to act if positive court ruling on Sept 12
- Further ECB rate cut not ruled out, but focus on fin problems
- Analysis shows Eurozone now technically in recession
- See MNI Main Wire for full exclusive interview
08-sie-2012 12:48
GOLD SUMMARY: Spot gold prices continue to trade in marginal negative
territory Wednesday, with no fresh catalyst seen to move the precious
metal in either direction. Prices opened at unchanged levels during the
early part of the Asian session and faded back from intra-day highs of
$1612.73. Spot gold then made session lows of $1606.41 shortly after the
European cash equity opening, where risk assets came in a little lower
than had previously been expected. Prices did recover to around $1610.80
as gold advanced in tandem with a move higher in FX pair euro-dollar,
but have since slipped back a bit amid a fall back in the aforementioned
FX pair. Today's intra-day low is also just above the 5-day DMA which is
currently projected around $1605.03. Support for gold remains at $1592,
with some medium bids also working around the $1598/99 area. Selling
interest remains camped above around $1628/30. Market participants
expect the yellow metal to continue to trade in a holding pattern ahead
of the next FOMC meeting scheduled for Sept 11-12 where probability
remains skewed towards some sort of stimulus action from the Fed.
mało konkretów ale trochę AT
07-sie-2012 23:16
MNI SPOT GOLD TECHS: Shallower dips since mid May
RES 4: $1652.1 - 200 day moving average
RES 3: $1640.1 - High June 6
RES 2: $1633.0 - High June 19
RES 1: $1627.8 - 21 day upper Bollinger band
LATEST PRICE: 1611.8
SUP 1: $1585.4 - Low Aug 2
SUP 2: $1563.7 - 100 week moving average
SUP 4: $1555.5 - Low July 12
SUP 4: $1548.7 - Low 28 June
COMMENTARY: As gold continues to drift back towards the top of the
well worn $1523-1640 range it is worth noting that the dips back towards
the range base have been getting shallower since the first move below
$1530 in mid May. This hints at a build up of pressure on the $1640
level that should see a break higher. Below $1585.4 negates this view.