Gold edged higher on Monday, extending its recent rally on worries about global economic growth and hopes for easier monetary policy after weak factory data in Asia and Europe.
Kitco - Gold Up, Hits 3-Month High, As Bulls Continue To Gain Momentum
Gold prices ended the U.S. day session higher and poked to a three-month high Monday. Continued safe-haven demand and technical buying interest are featured in the yellow metal so far this year. Some of the money flowing out of world stock markets early this year is moving into the safe-haven gold market. April Comex gold was last up $11.10 at $1,127.50 an ounce. March Comex silver was last up $0.072 at $14.315 an ounce.
Technically, February gold futures prices closed nearer the session high and poked to a three-month high today. While the gold bears still have the overall near-term technical advantage, prices are in a choppy six-week-old uptrend and the bulls have technical momentum on their side. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,150.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,100.00. First resistance is seen at today’s high of $1,129.30 and then at $1,135.00. First support is seen at today’s low of $1,115.30 and then at $1,108.50. Wyckoff’s Market Rating: 4.0
Reuters - Gold hits three-month top on shaky global economy
Gold edged up to a three-month high early on Tuesday as weak global manufacturing surveys soured appetite for risky assets and pushed investors toward safe havens.
* Spot gold XAU= was little changed at $1,128.80 an ounce by 0028 GMT, just off an initial high of $1,130.11, its strongest since Nov. 3.
* U.S. gold for April delivery GCcv1 gained 0.2 percent to $1,129.80 an ounce.
Global manufacturing expansion accelerated slightly but remained weak at the start of 2016 as faster growth in developed markets failed to offset a contraction in emerging economies. In China, a gauge of factory activity fell to its lowest since mid-2012
* The U.S. economy could suffer, with inflation remaining too low, if recent volatility in financial markets persists and signals a slowdown in the global economy, the Federal Reserve Vice Chairman Stanley Fischer said.
* The Fed's statement last week that it will closely monitor the global economy and financial markets lifted gold to near $1,130, as it underlined expectations that U.S. policymakers may take it slowly in raising interest rates this year.
* Reflecting growing confidence in gold, holdings of SPDR Gold Trust (GLD), the world's largest gold-backed exchange-traded fund, rose to 21.9 million ounces on Monday, the most since Nov. 3. [GOL/ETF]
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