Gold Price Outlook Today
Spot gold up 0.1 % to $1,712.35 and at $1,711.65 in Asian hours . Gold up to $1,717.36 on Dec. 10, Gold February up 0.2 % to $1,712.70 , Spot silver up 0.3 % to $33.08 after falling 0.8 % yesterday, platinum and palladium were little changed at $1,633.50 and $694.50
FOMC concludes a two-day policy-setting meeting today that may see the central bank adding to stimulus.
Economists predict the Fed will purchase Treasuries to bolster an existing program to buy $40 billion in mortgage bonds each month,
North Korea launched a long-range rocket today in defiance of international sanctions, according to the South Korean and Japanese governments.
China is currently vying with India as the world’s number one gold consumer, after Indian demand fell 24% in the first three quarters of the year.
South Africa’s gold output nearly halved in October from the same period last year, highlighting the impact of a wave of wildcat strikes that swept the sector, data showed on Tuesday.
Both platinum and palladium hit multi month highs in the previous session, encouraged by strength in base metals and a bright outlook for the Chinese economy.
“Since the beginning of the year, a total of 17.5-million cars, trucks and buses have been sold in China, 4% up on last year,” Commerzbank said in a note. “It is estimated that next year will at least see car sales growing by a further 10% or so.”
“Platinum and palladium are used to manufacture auto catalysts and should profit from the increased demand in China,” it said. “The platinum price has also found support from ETF investors in recent weeks.”
Spot platinum was up 0.3% at $1,623, off Monday’s peak of $1,625, its highest since mid-October.
Spot palladium, which hit a three-month high of $702.50 on Monday, was up 0.2% at $698.22. The metal is in overbought territory after rising around 15% in the last month, outstripping gains in other precious metals.
Silver was down 0.1% at $33.16 an ounce.
GOLD (Spot) intraday: rebound in sight.
Shayne Heffernan Says: LONG positions above 1704 with 1722 & 1731 in sight.
Beware: The downside penetration of 1704 will call for a slide towards 1695 & 1684.
Comment: intraday support around 1704
Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
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Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
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