2012-04-25

Gold doesn’t seem to be trading on anything other than externally derived sentiment

The gold price advanced $6.85, or 0.4%, to $1,645.25 per ounce Tuesday morning as the U.S. dollar Index fell by a modest 0.3% to 79.155.  Silver rose alongside the price of gold, by $0.18, or 0.6%,t o $31.08 per ounce.  Strength in precious metals and the dollar’s weakness was driven in part by worse than expected data on the U.S. housing market.

Commenting on the outlook for the yellow metal, Nick Trevethan, senior commodities strategist at ANZ Bank, wrote in a note to clients that “Gold doesn’t seem to be trading on anything other than externally derived sentiment.  There is still pressure for gold prices. The market has been trying to push the support level at $1,630-$1,640, although the push is rather half-hearted right now.”
  
Looking ahead for the gold price, it is likely to stabilize ahead of Wednesday’s Federal Reserve meeting, according to Standard Bank’s head of commodity trading, Yuichi Ikemizu.  “We probably won’t see much move before the Fed meeting,” Ikemizu stated, “as people are sidelined and waiting for new cues from the Fed and Bank of Japan.”

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