Gold
2010-02-07,Weekly summary 1-5.02.2010
Gold gained to $1105 an ounce in London setting the most robust jump in a month just on investors' believing that U.S dollar stalls it's rally spurring demand for precious metals. On the other hand U.S dollar eased it's rally from 1.3860 to 1.3920 what naturally made precious metals as more profitable ones. On the other hand U.S President sent to Congress a $3.8 trillion budget with a $1.3 trillion debt in projection what shall have an impact on higher bullion quotations.
Gold rose to $1113 an ounce in London setting the strongest 2 - day rally in 3 months just on green currency weakness. U.S Dollar Index retreated by 0.3% but the most of traders believe that bullion quotations may oscillate between $1000 and $1200 an ounce in 2010.
Bullion fell to $1109 an ounce in London on U.S currency jump what snap appeal pf precious metals as alternatives naturally. U.S Dollar Index gained 0.5% what should be reflected in lower bullion prices. According to the latest UBS forecast bullion average price shall fluctuate around $1135 an ounce this year and there is growing possibility of jump toward $1350 in 4th Q.
Bullion dropped to $1065 an ounce setting the steepest falls since 2008 on dollar robust march. Investors started the sell-off to cover losses on equity markets , dollar rose to $1.3700 against euro thwarting appeal of precious metals as alternatives.
Gold slid to $1045 an ounce but after that rebounded to $1068 an ounce generally on U.S Dollar robust march which vanished appeal of bullion as a more worthy than green currency. S&P500 fell 1.8% what additionally boost investors to sell gold to cover equity losses. As it is said bullion may drop toward $800 before start rebound toward $1500 in December 2010.
Some tech. Levels:
Res.: $1100 - $1120 - $1160
Sup.: $1020 - $1000 - $985
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