Gold has reached a good base of $730 and it looks likely to break out of that negative trend, Robin Griffiths, technical analyst at Cazenove Capital, told CNBC.
Asian markets made strong gains Monday with both Japan and South Korea climbing 5% on renewed hopes for a bailout of the U.S. automaker industry.
Asian markets were hit hard by news the U.S. Senate had failed to reach an agreement on a bailout plan to rescue the ailing Big Three automakers. Losses in the Japanese market accelerated in the afternoon as a sharp selloff in key auto stocks put pressure on the market
Stocks in Asia were mixed Thursday as concerns over the global economy once again took center stage, while renewed uncertainty about the U.S. auto bailout plan sparked a subtle shift towards assets seen safer such as the yen.
Asian stocks hit a one-month high Wednesday on hopes for government-led help for key sectors such as technology, which encouraged risk-taking to the detriment of assets perceived as safer.
Asian stocks were mixed Tuesday. Any gains were kept in check as hopes for big government spending to revive growth were offset by investors shying away from risk in wrapping up a brutal 2008.
Asia markets rallied sharply Monday, with investors taking heart from a rescue plan for U.S. automakers and hopes that the sharp drop in oil prices will ease some of the pain for households facing mounting layoffs.
Sydney and Tokyo led Asian bourses higher in what was a mixed day for the region marked by thin trade as investors stayed on the sidelines in the wake of the U.S. Thanksgiving Day holiday.
Asian market rose for a fifth day Thursday, helped by hopes that policymakers' efforts will ultimately prevail after a surprise and aggressive rate cut from China, though U.S. data ominously reflected a deep recession.
Stocks in Japan and Australia fell Wednesday after a report showed the U.S. economy shrank by the most since 2001, underscoring sharply slowing global demand, while South Korean shares were boosted by steelmakers after BHP Billiton killed its bid for Rio Tinto.
Asian markets rose Tuesday and so-called safe haven assets such as bonds fell after the U.S. government rescued banking giant Citigroup to prevent further damage to the ailing global financial system.
Asian markets were mostly lower Monday, with bank stocks leading the drop, and so-called safe-haven assets like the yen gained as investors digested the latest news on U.S. measures to prop up Citigroup.
Asian markets experienced a large turnaround Friday, after hitting five-year lows in the morning session. Stocks bounced into the black on rumors that China would adjust interest rates as well as short covering.
Asian markets further weakened Wednesday while the yen rose, with risk-averse investors fretting about the deepening damage to corporate profits and consumer spending despite a late rally on Wall Street.
Asian markets fell like dominoes Thursday after U.S. stocks hit their lowest in more than five years. The rout was especially pronounced in Japan, where the Nikkei lost almost 7%.
Asian markets fell Tuesday after Citigroup cut 52,000 jobs in a dramatic move to save itself and downbeat policymaker comments reflected worsening economic conditions that will unlikely improve until well into 2009.
Asian markets wavered Monday as hopes for substantial global financial policy changes faded after a weekend meeting of world leaders failed to produce concrete measures, causing investors to continue to seek safety in U.S. dollars.
Asian shares rallied and oil held on to gains Friday as this week's sharp losses were seen as excessive even as signals continued to flash 'danger' for the global economy ahead of a G20 meeting this weekend..
Asian markets and commodities retreated Tuesday while the yen pushed higher as a souring economic outlook took some of the wind out of investor hopes sparked by China's stimulus plan.
Asian stocks and commodity prices climbed Monday after China unveiled a nearly $600 billion economic stimulus plan, one of many measures countries are undertaking to limit the economic fallout from the financial crisis.