Despite being perceived by many as a safe-haven asset, gold has recently failed to get upside traction from the uncertainty regarding the EU debt and financial crisis.
The gold market has recently assumed leadership in influencing price direction of the entire raw commodity sector.
FORBES: P.M. Kitco Metals Roundup: Sharp Gains For Gold On Technical And Safe-Haven Buying
Reports this week say that investor demand for physical gold has increased recently at the lower price levels.
The gold market has recently been a closer follower of the general daily price movements in the raw commodity sector.
FORBES: Comex Gold Higher Amid General Commodity Market Strength
The gold market has recently behaved more like a risk asset than like a safe-haven asset, to the consternation of gold market bulls.
FORBES: Comex Gold Sharply Higher on Bargain Hunting, Short Covering, Lower U.S. Dollar Index
An escalation in the EU debt crisis in the coming days could also prompt fresh safe-haven demand for gold even if the U.S. dollar index also rallies, and even if gold has not recently rallied on the EU crisis up to this point.
While gold has not recently seen fresh safe-haven investment demand due to the EU debt crisis, my bias is that a serious escalation in the crisis, such as the EU starting to break up, would see good safe-haven demand come back into the gold market.
FORBES: Comex Gold Gets Boost From Coordinated Central Bank Move to Boost Liquidity
While nobody really knows what the future holds, the overall longer-term technical posture in gold has not changed recently.
FORBES: Comex Ends Lower on Follow-Through Pressure From Wednesday's Drubbing
Of course, nobody really knows what the future holds but the overall longer-term technical posture in gold has not changed recently.
The greenback bulls have faded recently, which has benefitted the gold and silver markets recently.
FORBES: Comex Gold Ends Weaker On Profit-Taking, Corrective Technical Pullback
However, the stronger dollar has been less of a bearish weight on gold recently, as the yellow metal has seen better safe-haven demand surface.
FORBES: P.M. Kitco Metals Roundup: Comex Gold Ends Solidly Higher On Bullish "Outside Markets"
However, the stronger dollar has been less of a bearish factor for gold recently, as the yellow metal has seen better safe-haven demand surface as the new year is under way.
FORBES: Comex Gold Ends Modestly Higher Amid Weaker U.S. Dollar Index, Technical Buying
In other news, reports said demand for gold from India has increased slightly recently, but are still below the demand levels seen last year.
FORBES: Gold Near Steady as Bulls Still Glowing in QE3 Aftermath
Importantly, no serious longer-term technical damage has occurred in gold recently.
FORBES: Comex Solidly Higher on Bargain-Hunting, Corrective Bounce
The risk aversion that has re-entered the market place recently has been bullish for gold, but bearish for other commodity markets, including silver.
FORBES: Comex Gold Steady-Weak, Silver Lower as Risk Aversion Back in the Market Place
Gold has been trading at a premium to platinum recently, which reflects the safe-haven quality of gold and that premium will likely stay as long as the nervousness over global economic situation persists.
FORBES: FOCUS: Platinum Sees Physical Buying, But Price Outlook Is Hazy
However, serious near-term technical damage has been inflicted in gold recently and the bulls have heavy lifting to do to restart a near-term price utprend.
Serious near-term technical damage has been inflicted in gold recently.
Still, very significant near-term technical damage has been inflicted in gold recently and the bulls have some heavy lifting to do to suggest the near-term price uptrend can be restarted.
The weaker U.S. dollar index recently has been gold-market-bullish.
FORBES: Comex Gold Ends Firmer, At Bullish Monthly High Close
Technically, chart damage has been inflicted in gold recently.
FORBES: Comex Gold Firmer On Short Covering, Bargain Hunting, But Outside Markets Bearish Today
It seems gold has been adhering to this old saying recently.
FORBES: A.M. Kitco Metals Roundup: Comex Gold Firmer On Corrective Bounce From Thursday's Losses
Since the dollar has been weak recently, gold prices are up.
Some near-term technical damage has been inflicted in gold and silver recently and the bulls need to make a stand yet this week to prevent more serious technical damage from occurring.
FORBES: Comex Gold Sees Corrective Bounce Amid Mildly Bullish "Outside Markets"
This has boosted the Euro currency recently, and that has been a bullish factor for gold.
FORBES: Comex Gold At 6-Week High Amid "Risk On" Trading Day Monday
Reports said physical demand for gold has been on the upswing in China and Asia recently.
Serious near-term chart damage has been inflicted in both gold and silver markets recently.
FORBES: A.M. Kitco Metals Roundup: Gold Firmer on Tepid Short Covering; Traders Still Wary
Mild short covering and bargain hunting were featured as trading in gold and silver has turned choppy on the daily charts recently.
FORBES: P.M. Kitco Metals Roundup: Gold Ends Firmer on Short Covering, Bargain Hunting
But gold, recently rediscovered by the Tea Party, has an impressive technical, economic, and political pedigree of gold convertibility and a very well established track record of job-creation, properly applied, during many eras.
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