2009-08-18

Gold Price Under Presure


















With the dollar trading much stronger yesterday, we would expect the gold price to remain under pressure despite the fact that there are good physical buying interest in gold whenever the gold price dips below USD940. But investment demand is under pressure due to the stronger dollar.

ETF buying is being triggered by the stronger dollar, and this selling is likely to outpace any physical buying. On Friday, there was sizable ETF selling in New York, which saw the gold price gap lower USD10, from USD953 to USD942. While the dollar is finding resistance atUSD1.4100 against the euro, a break below this level could see more sell stops triggered, with more large movements lower in the gold price. We see support for gold at USD933 and USD929, with resistance at USD942 and USD959.

Public Bank Gold Investment Account as at 17/08/09 3:51 PM

Selling PriceBuying Price
1 gramRM 110.1100RM 105.8200

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Malaysia Gold Investment

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