2009-07-28

Gold is finding very good support above USD945

Gold is finding very good support above USD945, and strong resistance at USD957 – USD960. Should gold break above USD960, the next level of resistance would be at USD966. In the futures market, according to CFTC data, the net long speculative position in gold has risen by 62 tonnes last week — to 582 tonnes. The rise in the net long position is due a rise in the long speculative positions as well as covering of short positions, base on that report this as bullish for gold.

Furthermore, today (US time mean tomorrow) is COMEX option expiry. There are 2,300 contracts of open interest on USD950 calls. While 2,300 is not a large number, it could provide some incentive to market players to keep the gold price above USD950. I note growing resistance from the physical market, but we doubt it is strong enough just yet to push the gold price lower.

Back to Malaysia, gold price have close at RM110 per gram however public bank selling price is still keep at RM111.10 and buying price RM106.78. Base on the gold price Malaysia currency is above RM3.60 per USD but bank conversion still below this.

Gold Investment Account as at 27/07/09 3:51 PM

Selling PriceBuying Price
1 gramRM 111.1000RM 106.7800

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Malaysia Gold Investment

I found Gold Investment in Malaysia is a vary good tools to make profit when the market is down. I also found that Gold Price go up and down more slower compare to share market so to make money in long term, Gold is the right tools. This blog is all about Malaysia Gold Info and the way to make profi

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