Malaysia Gold Investment

After trading in a tight range for a few days, gold broke lower yesterday. Selling came on the back of Weak investment demand, and selling in the physical market; Dollar strength, which pushed the greenback from just below USD1.4300 to as low as USD1.4130 yesterday. The trigger for this rally in the dollar was a much weaker-than-expected US consumer confidence data reading (down m/m in July). We have seen some physical gold buying coming through on approach of USD930, which we believe should support the gold price. We see limited upside to gold at this point, and believe bias remains to the downside. After yesterday’s sharp fall, weak long positions could be hesitant to re-enter the market. Gold support is at USD932 and USD926, with resistance at USD949 and USD964. Public Bank Gold Investment Account as at 29/07/09 3:50 PM Selling Price Buying Price 1 gram RM 108.9100 RM 104.6700

Malaysia gold is drop back to RM106 per gram returned all last week gain. As long as gold can hold on around RM 106 the gold bull run may still true for this year. For now buy in gold in ever dip for long term investment. Gold Investment Account as at 29/07/09 9:20 AM Selling Price Buying Price 1 gram RM 108.9800 RM 104.7300

Yesterday Malaysia gold price jump high to RM110 at closing but along the day PBBank selling price stop at RM110.86 and buying price at RM106.28 if base on yesterday exchange rate by using gold, Malaysia ringgit is RM3.60 equal USD1. Thing have change today by after opening Malaysia market at 9:00 am the gold price drop back to RM108.11 per gram equal to currency exchange RM3.52 = USD1. For PBBank the selling and buying price still same like yesterday, what had happen? from the 3 days chart, gold price was jump up and down due to currency exchange between USD at RM3.60 and RM3.52, I had see this sudden jump up and down few time in month of July. Really did not know what happen to Malaysia currency with US dollar, but I think Malaysia ringgit is devalue itself for better import or it is a sign of high infraction is about to hits us in Malaysia.

Gold is finding very good support above USD945, and strong resistance at USD957 – USD960. Should gold break above USD960, the next level of resistance would be at USD966. In the futures market, according to CFTC data, the net long speculative position in gold has risen by 62 tonnes last week — to 582 tonnes. The rise in the net long position is due a rise in the long speculative positions as well as covering of short positions, base on that report this as bullish for gold. Furthermore, today (US time mean tomorrow) is COMEX option expiry. There are 2,300 contracts of open interest on USD950 calls. While 2,300 is not a large number, it could provide some incentive to market players to keep the gold price above USD950. I note growing resistance from the physical market, but we doubt it is strong enough just yet to push the gold price lower. Back to Malaysia, gold price have close at RM110 per gram however public bank selling price is still keep at RM111.10 and buying price RM106.78. Bas...

Today Asia gold market open high and Malaysia gold price open at RM110 per gram. Normally gold price in Malaysia will drop a bit if open to high before share market start due to currency exchange but for today international Malaysia gold price is open high and till 11:30am Malaysia time, the price is still hold at RM110. PBBank still selling at RM110.64 per gram and normally PBBank will sell RM2.00 or more from international price. Base on history price record by me PBBank price should be selling RM112.54 per gram and buying at RM108.15 if international price at RM110.5 Gold Investment Account as at 27/07/09 11:20 AM Selling Price Buying Price 1 gram RM 110.6400 RM 106.3400

The dollar is once again weaker against the euro and failing to break below USD1.4200 earlier this morning, the greenback is now on the defense. For gold there is strong resistance at USD955 — USD960. In fact, there is increased selling in the physical market which is providing strong resistance. We have been tracking the physical market closely. Since the start of June physical buying has supported the gold price. However, we now believe this support has turned into resistance and there is more scrap selling. While we see USD955 as resistance, break above USD955 could see gold testUSD960 and USD970. Support for the metal is at USD946 and USD940. August gold futures closed up USD3.70 at USD950.60 yesterday. Prices closed near mid-range yesterday amid a sell off in the U.S. dollar index yesterday. Gold bulls still have the near-term technical advantage. Prices are still in a steep two-week-old uptrend on the daily bar chart. Bears' next downside price objective is closing prices bel...

Gold is edging down, supported not only by a stronger dollar, but also by another sizable sell-off in ETF gold holdings. The latest figures show that ETF gold holdings declined 12.2 tonnes, putting total holdings at 1,640 tonnes. This is a decline of 39 tonnes since the start of July. At the same time, we are seeing very little buying interest in the physical market out of Asia, which is assisting gold’s decent. Gold could continue to struggle today. European equities are under pressure for the first time this week, and the futures market signals similar for US equities. After Mr Bernanke indicated that the Fed funds rate should remain low for some time to come, US bond yields eclined sharply, supporting the US dollar. We expect a range-bound day for gold in the absence of any major data releases, although the bias could be to the downside. Gold support is at USD943 and USD940, with resistance at USD953 and USD958. Malaysia gold price may face the same as US gold and may drop from RM10...