2011-01-11

Increased concerns over the Eurozone sovereign debt situation, continues to provide support for gold

Gold rallied after last Friday’s disappointing US payrolls data, as a renewed bout of risk aversion kicked in. December saw only 103k jobs added to the US economy, compared to consensus expectations of 150k with the bias firmly to the upside. The numbers weren't terrible by any means, with the unemployment rate falling to 9.4%, however, it was enough see gold and silver
rally, in spite of the subsequent dollar strength.

Increased concerns over the Eurozone sovereign debt situation, continues to provide support for gold. However, the associated strengthening of the dollar against the euro is slowing upward price momentum. On balance however, we expect the concerns over the Eurozone situation of outgun the impact of a stronger dollar. Therefore, any uncertainty over the strength of US economy and/or heightened concerns over Europe’s fiscal situation are likely to be supportive for prices.

Gold support is at $1,356 and $1,341. Resistance is at $1,383 and $1,394.

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