2009-09-09

Jewellery Demand Will Continue To Fall As Gold Price Rises

Gold raced to over USD1,000 yesterday in a move which was widely anticipated. While some consolidation and even a short-term pull-back towards the mid-USD980 is possible, we expect more upside as we head into Q4:09. Much of the move has been driven by technical buying, and the dollar assisted by sliding from USD1.4330 to USD1.4430.




















Base on Standard Bank report, expected the dollar to weaken to USD1.50 against the euro on a 6-month horizon. Despite bullish view on gold over the next few months, I still doubt that the move over USD1,000 will be sustainable, as jewellery demand will continue to fall as gold price rises.

There will be few data releases today. Gold could therefore be volatile between support and resistance levels. I see support at $994 and $985, and resistance at $1,008 and $1,015.

0 comments:

Related Posts Plugin for WordPress, Blogger...

KLSE Info Zone

About This Blog

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

Blog Malaysia

BlogMalaysia.com

  © Free Blogger Templates 'Greenery' by Ourblogtemplates.com 2008

Back to TOP