2011-02-02

Weaker dollar and continuing turmoil in the Middle East should provide some lift to Gold

Gold and silver managed to shrug off better-than-expected US personal spending data, and regained some ground in Asian trade. Rising tensions in Egypt have fuelled uncertainty and pushed oil prices higher, threatening the global economic recovery.

This has seen investors return to the relative safety of precious metals, with some exchange-trade funds seeing a rise in gold holdings after last week’s consistent outflows. With fairly thin trading in Asia though, ahead of Chinese New Year celebrations, gold has not managed to push beyond the $1,350 level, while silver is meeting similar resistance at $28.50. For today, a weaker dollar and continuing turmoil in the Middle East should provide some lift to Gold. However, a strong US ISM manufacturing reading might discourage interest, especially in gold. Analysts are expecting an increase to 58.0 in January. ISM data on prices might be of secondary significance as markets look for signs of inflationary pressures.

Gold support is at $1,325 and $1,312. Resistance is at $1,350 and $1,359.

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