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Technical-Chart Induced Rally May Spur Momentum Buying In Gold

Friday June 20, 2014 8:30 AM

Gold’s rally on Thursday was a result of technical-chart buying, says HSBC, as gold broke over the 50-day moving average and the 200-day moving average, a bullish move and more may come. “We see a convincing break above the $1,300/oz level as likely to introduce further buying from momentum investors,” they say. Analysts at MKS (Switzerland) say gold’s intra-day rally marked the single largest intra-day move since October 2013.

By Debbie Carlson of Kitco News; dcarlson@kitco.com


PGMs Boosted By Gold Rally – HSBC

Friday June 20, 2014 8:27 AM

The gold rally lifted platinum group metals, too, HSBC says. A recent snag in wage talks between striking miners and major platinum miners pushed PGMs higher following declines earlier in the week on news the two sides were close to a deal. “The three largest platinum producers, Anglo American Platinum, Impala Platinum, and Lonmin plan to meet with the Association of Mineworkers and Construction Union after the union submitted additional demands on top of their original ‘in principle’ agreement…. While the prospect for further delays may continue to support prices, an end to the strike would ultimately be a drag on the PGMs in the short-term, in our view. We remain positive on the PGMs in the medium to longer-term,” HSBC says.

By Debbie Carlson of Kitco News; dcarlson@kitco.com


Gold's Rally May Last A Little Longer - TDS

Friday June 20, 2014 8:26 AM

Gold rose on a combination of short covering after the Federal Reserve’s message on monetary policy was less hawkish than expected and crude oil strength on the back of concerns in the Middle East. That triggered technical-chart moves, says TD Securities. “While we do think that gold could run another $10/oz or so higher in the near-term, U.S. macroeconomic and global oil fundamentals suggest it is unlikely that this rally will be sustained. Indeed, unless the U.S. economy deteriorates to the degree where the central bank no longer sees the need to remove monetary accommodation at the current projected pace or the Iraq problem becomes a wider Middle East geopolitical issue, the yellow metal will likely migrate lower as 2014 unfolds,” they say.

By Debbie Carlson of Kitco News; dcarlson@kitco.com


Gold's Rally Brings Metal Back In Line With Crude Oil Prices – INTL FCStone

Friday June 20, 2014 8:25 AM

Crude oil prices rallied earlier in the month, and after Thursday’s rally, the ratio between gold and oil is back to a more-normal relationship, says Edward Meir, commodities consultant, INTL FCStone. “The two complexes tend to correlate histor­ically, but have been growing increas­ingly disconnected of late. The fact that gold has now staged an upside advance may have returned the two complexes to closer harmony,” he says.

By Debbie Carlson of Kitco News; dcarlson@kitco.com



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