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Because The Selling Of EuropeanTitle:
Gold sinks over 2 percent; close to technical support
(Reuters) - Gold fell more than 2 percent on Wednesday as a wave of selling triggered by better-than-expected home sales and heightened by despair surrounding the euro zone sent prices toward key technical support levels and wiped out year-to-date gains.
Spot prices dropped as low as $1,534.25 an ounce, down 2.15 percent, by 12:08 p.m. EDT (1608 GMT), flirting with a bear market with a drop of 20 percent from September record highs.
Market players are watching whether gold can hold key technical support at $1,525 an ounce.
The sell-off took bullion back to December lows hit in last week's rampant selling and reignited concerns that a recovery in recent days was a "dead-cat bounce", slang used to describe a small, temporary rally that follows a significant decline.
U.S. gold futures for ...
Title:
Euro Rebound Short-Lived
Sunrise Market Commentary
- Fixed Income: Profit taking continued, but now concluded?
- The profit taking on global core bond markets continued in the run-up to tonight's informal EU-Summit. Spanish and Italian spreads decreased significantly but yields remain at elevated levels. Today, the eco calendar is again thin and trading will again be driven by sentiment.
- Currencies: Euro rebound short-lived On
- Tuesday, the euro came again under pressure even as the global context was not that negative. Sentiment on risk was constructive and intra-EMU spreads narrowed, but all this didn't prevent investors to use any upticks in the single currency to further reduce exposure. The key 1.2642/24 support is again coming within reach.
The Sunrise Headlines
- In the final hour of ...
Title:
Gold slips in line with euro ahead of EU meeting
(Reuters) - Gold fell towards $1,550 an ounce in Europe, pressured by concerns that a European Union meeting later on Wednesday would fail to significantly ease worries over the euro zone debt crisis which lifted the dollar to a 21-month high against the euro.
The dollar, along with German bond futures, benefited from a flight from riskier assets, including stocks and commodities such as copper and oil.
Spot gold was down 0.1 percent at $1,555.50 an ounce at 0930 GMT while U.S. gold futures for June delivery were down $20.60 an ounce at $1,556.00.
"Gold is acting more as a risky asset, and everything is tumbling this morning ahead of this informal finance ministers meeting, where nothing good is really expected," Societe Generale analyst Robin Bhar said.
"It is not inconceivable that ...
Title:
Gold down almost 1.5 percent as selling snowballs
(Reuters) - Gold traded near intraday lows on Tuesday afternoon with selling accelerating on low volumes as the euro lost further ground ahead of a much-anticipated European summit.
The pressure started on Monday after bullion failed to break through key resistance at $1,600 per ounce, sending prices below near-term technical support levels.
That selling snowballed on Tuesday afternoon in New York, sending prices below $1,570 an ounce as the euro weakened with investors betting Wednesday's meeting of European leaders would do little to tackle the region's debt crisis.
"The euro continued to sag. It's not going to make a decisive move until the EU summit," said James Steel, chief commodity analyst at HSBC.
Weaker oil prices on news of a potential deal between Iran and the U.N. nuclear ...
Title:
Europe Steps Closer to the Cliff Edge
The Week Ahead
Highlights
Europe steps closer to the cliff edge
Can the USD extend its rally?
Bank of Japan may extend maturity of its bond buys
Pricing in more QE from the Bank of England
Europe steps closer to the cliff edge
It was a pivotal week for the Eurozone after Greece announced that it was heading back to the polls after the top three parities failed to form a coalition government. So now Greece is leaderless, there is a caretaker government in place but it won't be able to enforce the austerity required to get the next tranche of bailout funds necessary for Greece to avoid running out of money in July. So as time runs out for Greece the European authorities have been clear: the upcoming election is a referendum on euro-membership. Either vote for pro bailout ...
Title:
Gold touches 4-1/2 month low as euro retreats
Gold eased below $1,560 an ounce on Tuesday after the failure of Greek politicians to form a government sent the single European currency to four-month lows and unnerved investors over the profitability of holding euro-denominated assets.
With gold's decline to its lowest since late December, consumers in top purchasing-nations such as India have delved into the market, which analysts said could protect the bullion price from a more protracted decline.
Gold remains vulnerable, however, as worries over the euro zone's future simmer in the background, keeping the single currency under pressure.
Spot gold was down 0.1 percent at $1,555.69 an ounce at 1350 GMT, while U.S. gold futures for June delivery were down $8.70 an ounce at $1,552.10.
Gold earlier hit its lowest since December 30 at $ ...
Title:
Gold lifts from 4-1/2 month low as euro recovers
Gold prices edged back towards $1,560 an ounce in Europe on Tuesday after a positive reading of German growth lifted the euro versus the dollar, and as physical buyers stepped in to take advantage of the metal's fall to 4-1/2 month lows.
Gold remains vulnerable to more losses, however, as worries over the euro zone's future simmer in the background, keeping the single currency under pressure.
Spot gold was up 0.1 percent at $1,557.80 an ounce at 05:24 a.m. EDT (0924 GMT), while U.S. gold futures for June delivery were down $3.50 an ounce at $1,557.50.
Gold earlier hit its lowest since December 30 at $1,547.99 an ounce and is down more than 6 percent in May so far, on track for its worst monthly performance since December's washout, as talk that Greece could exit the euro zone spooked ...
Title:
Contending With Greece And Spain
Risk assets continue to get sold today and the back-drop remains fragile. The leader of the radical left Syrizia party in Greece has two days to try to form a government, thus expect anti-austerity/ anti bailout rhetoric to continue to come out of Athens today. It appears that Tsipars – the head of Syrizia - wants to hold new elections to try and win the premiership. This only extends the uncertainty about Greece remaining in the Eurozone, which spooked risk assets yesterday.
Spanish banks
That isn't the only thing that investors need to contend with. The Spanish bond market is pricing in the risk of the government needing to bail out its banking sector, hence why its bond yields are flying higher this morning. The 10-year yield has risen nearly 25 basis points so far today and is back ...
Title:
Shares, commodities retreat on Greek uncertainty
(Reuters) - Shares, precious metals and oil fell and the euro remained pressured on Wednesday as Greece struggled to form a government after an election that saw incumbent parties punished, heightening the risk that a hard-won bailout deal could be scrapped.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS shed 1.4 percent to its lowest in more than three months, with energy .MIAPJEN00PUS, materials .MIAPJMT00PUS and growth sensitive industrials .MIAPJIN00PUS leading the declines.
Resources-heavy Australian shares .AXJO plunged 1 percent to a three-week low as oil, precious metals and copper slid.
European shares will likely edge up after a mauling on Tuesday, with financial spreadbetters predicting that major European markets .FTSE .FCHI .GDAXI would open 0.6 ...
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