Archive for January, 2010
by Omar Kassim | January 30, 2010 | Home, al bogari Blog
When I joined al bogari Holdings three and a half years ago, I found myself in the middle of an owner run, semi-structured family business. It was by luck that this was my family business, and that I chose to take on the challenge that it presented. My formal education was quickly thrown out the window as I realised that no textbook could teach you how to integrate yourself within a well established business and then go about changing the business from within. More »
by Omar Kassim | January 29, 2010 | Daily Market Reports, Islamic Gold
Gold opened at $ 1087 and traded modestly higher in Asia and London market. In U.S market gold rose as much as $1096 before it fell back to its December low of $ 1073.50, but it then shot back higher in the closing hours of trade and settled at 1084.25. Downside spree in equity market might have helped gold to march higher for few sessions yesterday. But Weakness in euro gave strength in U.S dollar pushing gold down well off its best levels. Downside risk in gold remains robust as the market has broken the critical December low. Technical selling could be seen in gold for every bounce with next target being its $ 1065 the 50 % retracement level of $ 1226 high. Gold’s intraday trading range is seen between $ 1088 and $ 1072. More »
by Karlo Alfredo | January 28, 2010 | Daily Market Reports, Islamic Gold
Gold opened at $ 1098 and traded mostly lower in Asia and London market. In U.S market gold spiked to a high of $ 1102, but it then fell back to a low of $ 1084.70 and ended at about its low of the session at $ 1085.70. Gold was up overnight but the U.S home sales number might have restricted those would be buyers to enter the market. Modest long liquidation was also evident in the gold market after the FOMC statement, which said the interest rate will be kept on the same level for an extended period. Towards the market close a fresh wave of selling appeared in the market which restricted gold from gaining. Technically gold charts are exhibiting bearish momentum to continue indicating to us that prices could drop in near term. Next stop for gold on the downside is seen at the December low of $ 1075 and the 50 % retracement level of $ 1226. More »
by Omar Kassim | January 26, 2010 | Daily Market Reports, Islamic Gold
Gold took off from $ 1091 in Asian market and climbed to $ 1103. In London gold saw some profit taking which pushed the market back to $ 1092.75. Gold ticked sideways in U.S market and finally settled at $ 1096.25. Gold is trading within a limited price range as it could be waiting for a direction from the FOMC statement tomorrow. U.S dollar index chart shows a consolidation phase after it has broken its key resistance level last Thursday. Based on charts, probability of a U.S dollar rally is rising, resulting in a sideways action in gold. Gold’s intra day resistance is seen at $ 1103, expecting gold to dip towards $ 1085 and $ 1075. More »
by Omar Kassim | January 25, 2010 | Daily Market Reports, Islamic Gold
Gold opened at $ 1094 and was trading weak in Asian and London market. In U.S market weaker equities and falling oil prices put pressure on gold and it slumped to a low of $ 1082, gold was well supported at 100 day moving average and it bounced back towards the close of session to peak again at $ 1098 and further selling pushed it back to $ 1090. Equity market has been climbing without any improving fundamentals long enough to be due for a significant correction and the gold might have followed that. Sellers were in control of the market as gold continued to slip, as we expected gold bounced from its 100 day moving average and any rally could be taken as an opportunity to sell. Short term technical’s suggest to us that gold could taken on the December low at $ 1075, technical picture could only change if it closes above $ 1118/ 1120. Gold’s trading range is seen at $ 1090 -$ 1110 for today. More »
by Omar Kassim | January 22, 2010 | Daily Market Reports, Islamic Gold
Gold opened at $ 1111 and saw some slight gain in Asia to $ 1117. In London market gold struggled to hold higher levels and slipped to $ 1102.50. A higher than expected unemployment claims and weaker manufacturing index helped gold to recoup some of its days losses and climbed back to $ 1110/ 1111, but then the comment made by U.S president Barack Obama for proposing new restriction on banks skidded the equities and commodities sector, gold dipped to $ 1087.50 and slightly recouped its losses to finally settle at $ 1102.50. Technical’s suggest to us that gold found support at $ 1085 its 100 day moving average. Slight bounce could be seen as a part of consolidation, gold’s task is in tact to test its December low of $ 1075. Resistance is seen at $ 1103 /1105. More »
by Omar Kassim | January 21, 2010 | Daily Market Reports, Islamic Gold
Gold opened at $ 1138 and tumbled down across the Asian and London market to trade near its support of $ 1125, further aggressive selling in U.S market took gold to a low of $ 1106.50 and finally it settled at $ 1112. Weaker economic reports in Europe and stronger economic reports in U.S resulted in a surge in U.S $ index. Chinese banking regulators took steps to tighten their bank lending policies which weighed on equities market and gold might have also followed the same. Technically as gold managed get out of the trading range, stop loss orders must have got triggered, pushing it to lower levels. Gold has trend line support at $ 1108 and Fibonacci support lies at $ 1103, a slight bounce could be seen from these support levels which could be capped at $ 1118 /1120 levels. Expecting gold to add more downside pressure to test its December lows at $ 1075 as it has closed below the 18 days moving average. More »
by Omar Kassim | January 20, 2010 | Daily Market Reports, Islamic Gold
Gold opened at $ 1131.60 and traded higher in Asian market to a high of $ 1139 and fell back in London market to a low of $ 1129. As U.S markets opened, gold continued its choppy trading session and behind rallying equity markets gold closed higher at $ 1139.25. Gold traded either ways continuing its indecisive trade on Tuesday. U.S dollar gained surprisingly behind favorable economic data but gold neglected the gains and it firmly held support levels. It seems to be like higher-than-expected inflation growth in the UK helped gold prices to hold its higher levels. Gold is still caught in range trading of $ 1125 to $ 1150. Resistance is seen at $ 1142, $ 1148 and support at $ 1131, $ 1125 respectively. More »
