Gold Silver Prices Drop To Start The Week But Bottom Could Be Ne

Gold Silver Prices Drop To Start The Week But Bottom Could Be Near

By Neils Christensen of Kitco News
Sunday November 30, 2014 8:58 PM

 

(Kitco News) - Analysts are not surprised that gold prices are starting the week on a soft note after Switzerland overwhelmingly rejected an initiative that would have boosted the Swiss National Bank’s gold reserves.
 

Sunday morning North American traders woke up to the news that Swiss voters rejected a gold referendum with 77.3% voting against and only 22.7% voting in favor. Analysts noted out that the strong vote against gold as a reserve asset will drag prices lower in the near-term.
 

Electronic trading of Comex February gold futures gapped lower at the open of Sunday North American evening/Monday Asian session at $1,159.40 an ounce, compared to Friday pit close of $1,175.50 an ounce. Priced continued to fall after the open, hitting an early session low of $1,141.70 an ounce. Although price have managed to bounce off their lows, they are still under pressure; as of 8:44 p.m. EST, February gold was at $1,149.70 an ounce

Silver prices have significantly underperformed the yellow metal. Electronic trading of Comex March silver futures opened the Sunday evening/Monday morning session at $15.390 an ounce, down from Friday's pit close of $15.556 an ounce. After the open, prices quickly fell to an early session low of $14.155 an ounce and have since seen a modest bounce; as of 8:44 p.m. EST, March silver was at $14.880 an ounce.

Eamonn Sheridan, currency analyst at Forexlive.com, said that he remains bearish on gold the market and expects it’s only a matter of time before prices eventually re-test recent support near $1,130.

“Even if prices rise, I think that is going to be met with new short sales,” he said.

Sheridan explained that even discounting the Swiss referendum, there are not a lot of fundamental reasons to hold gold as oil prices remain weak and the U.S. dollar remains strong.

“At the end of the day there is no inflation anywhere and that is what gold needs,” he said.

Avi Gilburt, trader at www.elliottwavetrader.net, it a little bit more optimistic about gold and silver. He has been bearish on GLD and SLV, the world’s biggest exchange-traded funds for gold and silver, respectively.
 

He added that his long-term target for SLV has been between $11 and $14. Sunday evening the silver ETF was trading at $14.83; at the same time GLD was trading at $112.11. For gold, he was looking at a price between $95 and $105, with a mid-range target at $98.
 

“This week I want to see how the gold market overreacts to the recent news,” he said. “We could market a major bottom before the new year, in the next couple of weeks.”

Gilburt added that in the near term, GLD and SLV could see a modest retracement but that prices will still continue to trend lower.

 

Related Stories:

• Switzerland’s Gold Referendum Fail Could Drag Gold Prices Lower
• Survey Participants Look For Lower Gold Prices Next Week

 

By Neils Christensen of Kitco News; [e-mail]

所有跟帖： 

• 他们不是trader,听多了，要中毒 -IAM3Down4Up- ♂ (33 bytes) () 11/30/2014 postreply 18:35:21

• thank you very much for your advices. -wreckbeach- ♂ (0 bytes) () 11/30/2014 postreply 18:36:29

• 目前金银油气都从跳水的最低点反弹起来不少了! -wreckbeach- ♂ (0 bytes) () 11/30/2014 postreply 18:35:26

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