Gold
2009-06-29,Weekly summary 22-26.06.2009
Gold retreated to $922.35 an ounce as strengthening U.S dollar vanished appeal of precious metals as alternative assets. Dollar Index gained 0.8% against six major currencies. The bullion is expected to test lower levels at $900 and even $860 an ounce before firmer rebound.
Gold gained to $925,64 an ounce in London as falling U.S dollar refreshed demand for precious metals as alternative assets. In accordance with weakening of U.S currency the bullion may reach a new highs this year with prediction of $1100 an ounce next year.
Gold went up to $931,81 as dovish Fed' s statement influenced on weakening of U.S dollar what in the same way had to boost demand for precious metals. All quotations below $940 are not suppose to create any of buying sign. Moreover it means that pricing may step lower, down to $912 or even $900 as market estimating.
Gold rose to $938,70 an ounce in London continuing precious metal's rally as a derivative movement of the latest Fed's decision according to monetary politics. precious metal are slowly becoming more preferable among global investors in environment of low interest rates and printing a lot of cash.
Gold little changed at $939,76 with a local trading session high at $948 an ounce in London on signs of U.S currency weakening refreshing appeal of precious metals as alternative assets. U.S Dollar Index dropped nearly 1% just after Libor fell below 0,6% for the first time. Global holdings in SPDR Gold Trust dropped 5,5 MT to 1125,74 MT.
Some tech. levels:
Res.: $950 - $960
Sup.: $930 - $912
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