{"id":17046,"date":"2013-02-16T12:08:12","date_gmt":"2013-02-16T11:08:12","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/17046\/what%e2%80%99s-in-store-for-the-price-of-gold-as-precious-metal-hits-a-6-month-low\/"},"modified":"2013-02-16T12:08:12","modified_gmt":"2013-02-16T11:08:12","slug":"what%e2%80%99s-in-store-for-the-price-of-gold-as-precious-metal-hits-a-6-month-low","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/17046\/what%e2%80%99s-in-store-for-the-price-of-gold-as-precious-metal-hits-a-6-month-low\/","title":{"rendered":"What\u2019s in store for the price of gold as precious metal hits a 6 month low"},"content":{"rendered":"

The price of gold hit a 6 month low on Friday with analysts and traders hinting that a further sell-off is on the cards, so what’s in store for the precious metal in 2013?<\/p>\n

Latest Gold Price<\/strong><\/p>\n

Gold futures (pm fix) closed Friday at $1612.25 an ounce, down 2.1 percent, whilst the US dollar remained flat against most major currencies. Gold futures in New York dropped below $1,600 today for the first time since August 2012.<\/p>\n

Gold’s Death Cross<\/strong><\/p>\n

Traders have their eyes on gold’s approaching the “death cross” – which refers to the point where the 50-day average gold price dips below the 200-day average gold price – regarded as one of the most basic sell signals in technical analysis. The last time gold hit the death cross was back in April 2012 and gold prices fell 9.1 percent over the next month before rebounding back higher.<\/p>\n

As always, gold’s “safe haven” status looses it’s shine for investors when talk of recovery for western economies is in the air. So, if you believe that a big recovery is on the way then gold could carry on tanking lower. A stronger US dollar is also going to have negatives for gold.<\/p>\n

Hedge funds have cut bets on a gold rally by 56 percent since reaching a 13 month high in October 2012 as manufacturing rebounded from the US to China.<\/p>\n

Back to $2000 an Ounce?<\/strong><\/p>\n

Meanwhile, Chief Executive Officer Chuck Jeannes of Goldcorp said gold will end 2013 at a higher price than where it was at the start of the year (gold opened January 2013 near $1700 an ounce).<\/p>\n

“I do definitely believe that the macroeconomic factors that have supported the move in the gold price in the last 10 years are even more in place today than they have been. I expect the bull market for gold to continue.” he said on Friday in a telephone interview. Jeannes said he believes the price will rise to $2000 an ounce at some point.<\/p>\n

“While people would rather invest in economically sensitive commodities and equities as data improved, we may see people come back to gold if troubles in Europe get worse and problems in the US reappear,” said Adrian Day, who manages about $160 million of assets as president of US firm Adrian Day Asset Management in Annapolis.<\/p>\n

So for now, maybe gold will head lower in the coming weeks. Maybe it’s a sign to buy in the dips? With so much uncertainty in currency markets, together with the problems facing Europe’s economies, maybe gold will end 2013 higher.<\/p>\n

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\"Fb-Button\" <\/a><\/div>\n<\/div>\n

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You can like our page on Facebook<\/strong> and keep up to date with the latest oil, gold, dollar and euro news with liveoilprices. ……………………………………………………….<\/p>\n

Our website is now fully optimised for viewing through mobile devices, tablets and of course standard computers.<\/p>\n

This article was written by: JR @ liveoilprices.co.uk<\/strong><\/p>\n

You can also share this story using the social media below:<\/p>\n<\/p>\n

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\nWhat\u2019s in store for the price of gold as precious metal hits a 6 month low<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The price of gold hit a 6 month low on Friday with analysts and traders hinting that a further sell-off is on the cards, so what’s in store for the precious metal in 2013? Latest Gold Price Gold futures (pm fix) closed Friday at $1612.25 an ounce, down 2.1 percent, whilst the US dollar remained flat against most major currencies. Gold futures in New York dropped below $1,600 today for the first time since August 2012. Gold’s Death Cross Traders have their eyes on gold’s approaching the “death cross” – which refers to the point where the 50-day average gold price dips below the 200-day average gold price – regarded as one of the most basic sell signals in technical analysis. The last time gold hit the death cross was back in April 2012 and gold prices fell 9.1 percent over the next month before rebounding back higher. As always, gold’s “safe haven” status looses it’s shine for investors when talk of recovery for western economies is in the air. So, if you believe that a big recovery is on the way then gold could carry on tanking lower. A stronger US dollar is also going to have negatives for gold. Hedge funds have cut bets on a gold rally by 56 percent since reaching a 13 month high in October 2012 as manufacturing rebounded from the US to China. Back to $2000 an Ounce? Meanwhile, Chief Executive Officer Chuck Jeannes of Goldcorp said gold will end 2013 at a higher price than where it was at the start of the year (gold opened January 2013 near $1700 an ounce). “I do definitely believe that the macroeconomic factors that have supported the move in the gold price in the last 10 years are even more in place today than they have been. I expect the bull market for gold to continue.” he said on Friday in a telephone interview. Jeannes said he believes the price will rise to $2000 an ounce at some point. “While people would rather invest in economically sensitive commodities and equities as data improved, we may see people come back to gold if troubles in Europe get worse and problems in the US reappear,” said Adrian Day, who manages about $160 million of assets as president of US firm Adrian Day Asset Management in Annapolis. So for now, maybe gold will head lower in the coming weeks. Maybe it’s a sign to buy in the dips? With so much uncertainty in currency markets, together with the problems facing Europe’s economies, maybe gold will end 2013 higher. . You can like our page on Facebook and keep up to date with the latest oil, gold, dollar and euro news with liveoilprices. ………………………………………………………. Our website is now fully optimised for viewing through mobile devices, tablets and of course standard computers. This article was written by: JR @ liveoilprices.co.uk You can also share this story using the social media below: <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lightning_design_setting":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-17046","post","type-post","status-publish","format-standard","hentry","category-welcome-start-here-tradecrudeoilchatroom"],"_links":{"self":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/17046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/comments?post=17046"}],"version-history":[{"count":0,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/17046\/revisions"}],"wp:attachment":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/media?parent=17046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/categories?post=17046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/tags?post=17046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}