Spot gold sideways below key level $908 on the hourly, intraday charts.
The metal is still consolidating below the $908 an ounce trend resistance (pink), albeit continues to expand its recovery from a weekly $872.90 an ounce and moves further away from a s/t downtrend it escaped from on Wednesday.
Support at $900 an ounce (pivot), $899; $897; $895, $893 and $890. Denser support at $878, $873 (previous low). Only below $878 would open for additional downwards momentum.
Resistance is ahead of $903, $907-$908, $910, $914-916, $920, $925. Above $908 would indicate further recovery on the ...
The International Monetary Fund is planning to sell 403.3 tonnes of gold, worth nearly $11 billion and representing nearly one-eighth of the IMF’s reserves, a spokesman said in Washington on Tuesday.
The International financial organization’s board also voted on Monday to trim its workforce by 380 jobs, or 15 pct.
The gold sales will be done without disrupting the market and has the backing of the U.S. treasury, albeit still requires the approval of other authorities, including the U.S. Congress. ....
Also sparking hesitation amongst fund managers and investors were the planned IMF gold sales of over 400 tonnes of the yellow metal.
Albeit the sales are expected to be conducted auction style or over a period of several years, they could have a negative impact on the sentiment as the operation could mean an increase in the “free-float” of physical gold.
Also, the sales imply that part of the IMF’s ‘transparent’ and centralized gold “supplies” dissolves into more opaque accounts.
The proposed sales of 403.3 metric tonnes, amount to some 12 pct of its reserves and could yield around $11 bn. The IMF is the world's third-largest gold holder after the United States and Germany, with 3,217.3 tonnes
Sideways after the failure to keep the topside of $920 an ounce trend support. The yellow metal is seen establishing a s/t downtrend with focus on $900 an ounce. Below the latter would open for a move towards $877 an ounce. Only below the $877 level would for now suggest an extended period of weakness, initially targeting $850 an ounce.
Additional support levels are seen at $903, $900, $897, $893, $890, $887 and $879 an ounce.
Resistance now lies at $907, $910-$912, $914, $916 and $920-$922. In order for gold to shrug off earlier weakness, resistance at $912 should be taken out, paving the road for a retest of the $920-922 an ounce level. Further upside only suspected through confirmation of the $930 an ounce level.
** NOTE: A Daily close below the $920 an ounce level would indicate a STRONG SELL on our daily charts, given the rejection of the former long-term uptrend.
India's gold imports dive 23.4 pct in March YoY due to high prices - Apr 10
... Gold imports in India fell 23.4 pct to 592 metric tonnes in the year to March 2008, in comparison to a year earlier, an official said on Thursday. Bombay Bullion Association’s Suresh Hundai said over the phone that imports nearly halved in March, falling to 27 tonnes as investors were put off by higher prices and as demand from jewellers equally crippled. ...
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S-African Gold Ouput Falls 28.2 pct in Feb YoY - Apr 10
... South-African gold mining volume was seen falling 28.2 pct year-on-year in February, an official report showed on Thursday. Total minerals production fell by 7.3 pct, SSA said. Output of non-gold minerals declined by 3.2 pct, the report added.
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