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GOLD BREAKOUT!

FXTM: Gold Breakout 'Has Opened A Path Higher Towards $1,320'

Kitco News

Gold prices have hit a three-month high with the help of a vulnerable U.S. dollar, says Lukman Otunuga, research analyst at FXTM. “With the dollar stumbling into the New Year under renewed selling pressure, gold is likely to remain heavily supported, with prices potentially appreciating towards $1,320 this week,” the analyst says. “From a technical standpoint, the yellow metal is bullish on the daily charts, as there have been consistently higher highs and higher lows. Prices are trading well above the 50[-day] simple moving average, while the MACD [moving average convergence/divergence] has also crossed to the upside. The decisive breakout above $1,300 has opened a path higher towards $1,320.” As of 8:04 a.m. EST, spot gold was $9.80 higher to $1,312.40 an ounce and peaked at $1,312.85, its most muscular level since late September. The euro hit a high of $1.20813, its strongest level since September.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Commerzbank: Gold Stages Strong Rally Since Mid-December Low

Tuesday January 02, 2017 08:14

Gold has risen sharply since mid-December and more than recouped its losses from the first half of the month, Commerzbank says. “It found support from the weak U.S. dollar, which depreciated noticeably,” the bank says. “The trade-weighted dollar index had fallen to a three-month low at the end of last year. Gold received an additional boost when it exceeded the technically important 200-day moving average and, a short time later, the 100-day moving average. This allowed it to rise above the psychologically important $1,300 per troy ounce mark again; it is trading at a three-month high as the new year begins.” A little before 8:10 a.m. EST, spot metal was $9.40 higher to $1,312 an ounce, rallying 6% from the Dec. 12 low of $1,236.65.

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By Allen Sykora of Kitco News; asykora@kitco.com

 

BBH: Follow-Through Could Carry Euro Still Higher Vs. U.S. Dollar

Tuesday January 02, 2017 08:14

The U.S. dollar is continuing its slump from the final two weeks of 2017 and could weaken some more on potential follow-through buying in the euro, says Brown Brothers Harriman. The dollar weakness is also occurring against emerging-market currencies, with the Hungarian forint rising nearly 1%. Analysts note that the euro zone's manufacturing Purchasing Managers Index flash reading of 60.6 was confirmed by Tuesday’s final reading and was the strongest since the data series began in mid-1997. “The euro has approached last year's high recorded in September near $1.2090,” BBH says. “The high recorded in the European morning is [near] $1.2080. We expected some follow-though buying, given the momentum in the second half of December. We see the near-term risk extending toward $1.2165, which is the 50% retracement of the euro's decline from the 2014 high near $1.40.” Nevertheless, BBH says technical indicators are “stretched.” Metals traders closely monitor moves in the U.S. dollar since base and precious metals alike often move inversely to the U.S. currency.

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