2011-05-11

Gold have continued to rebound from last week’s sell-off


Gold have continued to rebound from last week’s sell-off. Helped along by renewed concerns over the Eurozone debt situation (after Greece’s credit rating downgrade by S&P), gold and silver made steady gains in New York trade, hampered somewhat by a stronger dollar in relation to the euro. On the Asian markets, gold and silver’s momentum began to fade, as persistent investor selling emerged.

With the resurfacing of Eurozone sovereign debt concerns, we expect to see continued appetite for gold and silver and, given the recent sell-off, expect to see a return of investor as well as physical buying in search of value.

Gold support is at $1,498 and $1,481. Resistance is at $1,523 and $1,531.

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