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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8935
Posted: Feb 22, 2010 5:00
Comments: 8935
Forum Topic:
Gold, Oil & Indices (Equity & Bond Indices)
Discuss Gold, Oil & Indices (Equity & Bond Indices)
Some people are calling this gold rush as a precious metal asset bubble. But increase in price of gold wont be consider as an bubble till we have individuals running for it as a safety or value vested stock. Fortunately most common people are still not seen buying gold even after 3 years of new highs in gold and gold stock. For which reason i still think the price in gold is to rise 1300-1350 is totally achievable.
What could tip it, believe it or not the BRICs
loaded with toys and musical instruments for childrens of the Palestines. What if these ships arrive concurrently?
Crude leaped towards the awaited target yesterday at 79.50, but managed to bearishly reverse once again towards pivotal support between 77.20 - 77.05. The image above shows that crude was not able to achieve stability above support for the previously breached ascending short term channel; thus making us expect a bearish intraday direction that will start with the breach of mentioned support levels and initially head towards retesting the previously breached neckline at 75.75, before making sure of the short term trend more precisely. The MA 50 will add strength to current support levels and thereby warning of a chance of the bearish trend to speed up if crude does not succeed at breaching it. Keep in mind that the breach of 78.80 will help crude regain its bullish direction once again.
The trading range for today is among the key support around 75.75 and the key resistance around 79.50.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
23 Jun, 2010 @ 04:14 am ET | written by ecPulse.com
Gold prices resume their incline
Gold prices are climbing as a result of investors turning to gold seeking a safe-haven against the sovereign debt in Europe, as there are woes that it might spread to other economies holding back an economic recovery.
Yesterday, gold inclined $6.00 or 0.49% to close at $1239.85 an ounce while the dollar lost strength six major currencies which are measured by the Dollar Index, declined to close at 86.10 while recording a high of 86.25 and a low of 85.74.
Among other precious metals; platinum is traded at $1576.00; palladium at $483.00; silver at $18.82; while, copper is at $297.73. Turning to commodity futures we see last yesterday, S&P GSCI closed at 508.70 points recording a high of 518.38 points and a low of 506.04 points while RJ/CRB Commodity closed at 262.68 points recording a high of 264.31 points and a low of 261.73.
SPDR gold trust, the largest exchange-traded fund backed by bullion in the world, increased to post a record high of 1,313.13 metric tons. Gold was set in London on Tuesday at $1236.00 per ounce inclining from $1235.25 per ounce during the AM fixing.
In addition, stocks in Asia declined as a result of the U.S. economic data yesterday regarding the housing sector which was worse than expectations, therefore arousing worries back into the market causing investors to avoid higher yielding assets.
Turning to oil, we see that prices are also slipping pressured from the U.S. data, while the U.S. economy is known as the biggest energy consumer in the world, so dead beat data means that less energy demand from the nation.
Currently, spot gold is trading at $1240.94 an ounce recording a high of $1244.01 an ounce and a low of $1237.77 an ounce.