2011-02-08

Gold prices fall back - US economic data still pointing towards a general recovery


Amid a knee-jerk reaction to the very poor headline non-farm payroll numbers. However, a closer look revealed that bad weather during the survey week had depressed the payroll statistics. In addition, the drop in the unemployment rate to 9%, from 9.4% previously, once again fuelled hopes of a strengthening economy and saw gold prices fall back towards their early-afternoon levels.

With the US economic data still pointing towards a general recovery, the easing of tensions in Egypt has contributed to an increase in risk appetite. This has helped support the equity markets, but is also keeping precious metals on the back foot. The notable exception however is silver, which is benefiting from its semi-industrial nature and is looking more towards copper for direction. Copper is trading comfortably above the $10,000 (after touching new highs), on the back of global recovery hopes.

Gold support is at $1,343 and $1,337. Resistance is at $1,357 and $1,364.

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