Save your cookie preferences

We use cookies to remember your site preferences, record your referrer and improve the performance of our site. For more information, see our cookie policy.

Please select an option below and 'Save' your preferences.

Save

You can update your cookie preferences at any time from the 'Cookies' link in the footer.

We use cookies (including third-party cookies such as Google) to remember your site preferences and to help us understand how visitors use our sites so we can improve them. To learn more, please see our privacy policy and our cookie policy.

To agree to our use of cookies, click 'Accept' or choose 'Options' to set your preferences by cookie type.

Options Accept
BullionVault

CHARTS

  • English
  • Deutsch
  • Español
  • Français
  • Italiano
  • Polski
  • 日本語
  • 简体中文
  • 繁體中文
  • Daily audit
  • Help
  • Contact
  • Deposit
  • Login
  • Open account
  • ABOUT US
    • About BullionVault
    • In the press
    • Reviews
    BUY/SELL BULLION
    • Vaulted gold & silver
    • -Live order board
    • -Daily Price
    • Coins for delivery (UK)
    INVESTMENT GUIDE
    • Guide to gold
    • -How to buy gold
    • -Gold investment
    • -Gold investment plan
    • -Investment insurance
    • -Compare asset performance
    • Guide to silver
    • -How to buy silver
    • Guide to platinum
    • -How to buy platinum
    GOLD NEWS
    • Gold news front page
    • -Gold price news
    • -Opinion & analysis
    • -Market fundamentals
    • -Gold/Silver Investor Index
    • -Infographics
    CHARTS
    • Gold price
    • Silver price
    • Platinum price
    • Price alerts
  • Login
  • Open account
  • BUY/SELL BULLION
  • Vaulted gold & silver
    • ⤷
    • Live order board
    • Daily Price
  • Coins for delivery (UK)
  • INVESTMENT GUIDE
  • Guide to gold
    • ⤷
    • How to buy gold
    • Gold investment
    • Gold investment plan
    • Investment insurance
    • Compare asset performance
  • Guide to silver
    • ⤷
    • How to buy silver
  • Guide to platinum
    • ⤷
    • How to buy platinum
  • GOLD NEWS
  • Gold news front page
    • ⤷
    • Gold price news
    • Opinion & analysis
    • Market fundamentals
    • Gold/Silver Investor Index
    • Infographics
  • CHARTS
  • Gold price
  • Silver price
  • Platinum price
  • Price alerts
  • ABOUT US
  • About BullionVault
  • In the press
  • Reviews
  • Help
  • Contact
  • Daily audit
    • English
    • Deutsch
    • Español
    • Français
    • Italiano
    • Polski
    • 日本語
    • 简体中文
    • 繁體中文

Gold News

Live support

NEED HELP? ASK US NOW

Search form

Gold News front page

Gold Price News

Gold Prices Sink on US Jobs Beat, China Trade Offer, Trump's 'Record' Stock Market

More...

Gold Investing In Depth

Learn about gold bullion bars

Learn about gold bullion coins (and costs)

Gold investment: Why & how?

Gold Investment Analysis

  • Latest Gold Investor Index
  • Diversification: Gold as investment insurance
  • 40-year Asset Performance Comparison Table

Gold Articles

Opinion & Analysis

Gold Price News

Investment News

Gold in History

Gold Books

Gold Investor Index

Gold Infographics

Archive

  • December 2019 (6)
  • November 2019 (34)
  • October 2019 (36)
  • September 2019 (29)
  • August 2019 (23)
More...

List of authors

Gold Price Stuck Below 200-Day MA as Merkel Snubs May, China 'Tries to Curb Bubbles'

Thursday, 3/30/2017 10:27
GOLD PRICES again dipped and rallied back above $1250 per ounce in Asian and early London trade Thursday, unchanged from the end of last week with analysts continuing to point to the metal's 200-day moving average at $1260 as strong resistance to the first quarter's 8.6% gain.
 
Asian stock markets closed lower but European shares held flat overall.
 
The British Pound meantime held sharply below this week's near 8-week highs on the FX market after German Chancellor Angela Merkel rejected the central proposal in UK Prime Minister Theresa May's formal Brexit letter – handed to the European Council yesterday – for negotiations on both the UK leaving and its then-relationship with the European Union to start now and run together.
 
While the giant GLD gold ETF ended Wednesday unchanged in size, the SLV silver trust shrank 0.8% as shareholders liquidated stock, forcing an 85-tonne outflow – equal to more than  1 days' global silver mine output – and taking the fund's bullion holdings back to mid-March's 12-month lows at 10,291 tonnes.
 
Trading at $18.16 per ounce, silver prices held a 2.1% gain for the week so far Thursday morning in London.
 
"Resistance remains firm at $1259.40 – the 200 day Moving Average," says the daily technical analysis of gold prices from bullion clearing and market-making bank Scotia Mocatta's New York office.
 
"Spot gold has retested the 200-day ma," agrees German bank Commerzbank's weekly technical book.
 
Now acting as resistance, "This guards $1295.50, the 5-year downtrend," it says.
Chart of the US Dollar gold price and its 200-day Moving Average
 
Chinese gold prices neared the end of March unchanged for the month in Yuan terms on Thursday,  also fixing in Shanghai at a $12 per ounce premium to comparable London quotes – a strong incentive to new imports into the world's No.1 gold consumer nation.
 
Also the No.1 mining nation since 2007, China may have identified what Shandong Gold (SHA:600547) – the country's 3rd largest gold producer – calls a "world-class deposit" in the far eastern Jiaodong Peninsula, with 358 tonnes of reserves.
 
Should the deposit's likely resources also get tapped, the site could produce gold for 40 years at full capacity Shandong says.
 
The heaviest official buyer of gold so far this century, the People's Bank of China will meantime raise its key interest rate twice in 2017 according to a survey of fixed-income analysts by Bloomberg.
 
The city of Beijing has introduced nine policies in just 10 days "aimed at curbing skyrocketing home prices," reports the People's Daily online, including a ban on turning commercial property into residential units and a rule that potential home-buyers must have paid tax locally for 60 consecutive months.
 
"China is far from the end of efforts to squeeze out bubbles," reckons ANZ Bank economist David Qu in Shanghai, "[but] the PBOC will to some extent follow the Federal Reserve in tightening to keep the rate gap largely steady."
 
After renowned Fed 'dove' Charles Evans this week said two further rate rises look warranted, a view backed separately by vice-chair Stanley Fischer, non-voting Boston Fed president Eric Rosengren called Wednesday for a total of four hikes in 2017 – the initial Fed forecast from December's meeting, since downgraded in their March forecasts.
 
But "while the economy overall is recovering and the job market has improved substantially," said Fed chair Janet Yellen in a speech yesterday, " pockets of persistently high unemployment, as well as other challenges, remain."
  • Reddit logo
  • Facebook logo
  • Twitter logo
  • Google logo
  • Yahoo logo
  • LinkedIn logo
  • Digg logo
  • StumbleUpon logo
  • Technorati logo

Adrian Ash is director of research at BullionVault, the physical gold and silver market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern; Italy's Il Sole 24 Ore, and many other respected finance publications.

See the full archive of Adrian Ash articles on GoldNews.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News, RSS links are shown there.

Follow Us

Facebook Youtube Twitter LinkedIn

 

Mobile apps

 - live trading 24/7

 - buy & sell instantly

 - up-to-the-second charts

 

 

 

Daily news email
Go to 'communications settings' 

Get the latest daily gold price news free by email

Latest gold news by email

 

 

 

Investor Index
5 November 2019

Gold Investor Index

Gold's 7-year record

 

 

 

Deutsche Welle
3 June 2019

DW

East Asia gold standard?

 

 

 

LBMA's Alchemist
29 July 2019

Alchemist 94

Cental-bank gold since '99

 

 

 

IG TV on Reuters
10 September 2019

IG TV

Brexit's UK gold boom

 

 

 

  •  Email us

Market Fundamentals

  • Gold Mining's Mega-Merger Output -10% as M&A Eats Exploration Spending
  • Silver Investing 'Healthy', Still 40% Shy of Peak
  • Gold Bars Rise to Premium in India as Bullion Imports Sink
More...
  • Cost calculator
  • Cookies
  • Terms & conditions

©BullionVault Ltd 2005-

  • Twitter
  • Facebook
  • LinkedIn
  • YouTube