Market Commentary – January 23, 2015 Gold finished lower today after a newsworthy week, with some profit taking evident after another solid performance in the metals complex. Opening at $1301.75 (the day high), Hong Kong traded lower early, falling through the $1300 level and drifting down to $1294. Europe also had a quiet range, trading between $1294 and $1299. New York opened at $1296 and moved lower on liquidation from longs taking profit as they sensed some weakness after the failure of gold to reclaim the $1300 level. Falling to the day low of $1284.50 as the Euro slipped to an 11 year low vs. the U.S. Dollar, gold recovered back over $1290. Underpinned through the day by a sluggish equity market and concerns over Sunday’s election in Greece, gold held the $1290 level for the remainder of the day. A combination of short covering and “safe haven” buying in front of the weekend lifted gold in late afternoon to finish the session at $1294.50. The concern over the Greek election results is that some believe that the victory of the opposition party may lead to the conscious default of Greek debt and the possible exit of Greece from the Euro currency basket, further destabilizing the entire EuroZone. Whether this actually would come to pass remains to be seen and such events not take place for some time. Michael Mikolay Disclaimer – Statements of news and current events on this web site, and financial, economic, political and market information on this web site (individually and collectively “Content”) are not intended to and do not constitute investment advice and are not intended to and do not constitute a prediction of the future course of the economy or the market for precious metals. The accuracy, completeness, adequacy or currency of the Content is not warranted or guaranteed in any way. Your use of Content on this web site or materials linked from this web site is at your own risk.
Posted on: Sat, 24 Jan 2015 00:25:58 +0000
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