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GoldCore Precious Metals Update
Wed, Aug 5 2009, 11:45 GMT
by GoldCore Bullion Services Team
GoldCore | View company's profile
Gold
$960/oz had proved to be a very strong level of resistance as investors
doubted whether gold could sustain itself above that in the short term.
$960/oz should now be seen as a level of support as gold pushed up to
touch $970/oz yesterday. It is currently trading at $964.80/oz and with
the dollar under increasing pressure a series of closes above $960/oz
should see gold pushing to fresh highs. Especially as the dollar has
broken down technically (to below 78.0 on the US Dollar Index) and
looks vulnerable to sharp falls in the coming weeks as US creditors
grow wary of funding the ballooning US deficits.
Silver
Silver is looking particularly strong and also gaining momentum and has
already broken through the first level of resistance of $14.68/oz and
is trading at $14.71/oz. The next levels of resistance are $14.87/oz
and $15.00/oz.
Platinum group metals
A very vibrant night of trading on the Shanghai Gold Exchange has seen
an increase in demand for platinum and it is currently trading at
$1,281/oz coming out of a long period of support and resistance in the
$1,100/$1,200/oz range. If this run continues, look for the metal to
test $1,300/oz. Palladium is trading at $277/oz, looking to test
$300/oz and rhodium is currently $1,625/$1,725/oz.
Published on Wed, Aug 5 2009, 11:45 GMT
Gold and Silver Investments Limited
| 63 Fitzwilliam Square, Dublin 2, Ireland
http://www.goldcore.com | info@goldcore.com
Archive
- GoldCore Update: Gold Volatile on Weaker Euro and Renewed Greek Concerns
Published On Fri, Mar 19 2010, 09:58 GMT - GoldCore Update: Federal Reserve Rising Interest Rates Positive for Gold?
Published On Tue, Mar 16 2010, 13:51 GMT - Gold Supported by Geopolitical and Sovereign Risk as S&P and Moodys Warn US
Published On Mon, Mar 15 2010, 15:31 GMT - Gold Technicals: Weekly Loss Will be Bearish But Fundamentals Remain Positive
Published On Fri, Mar 12 2010, 12:22 GMT - GoldCore Update: Gold Under Pressure as Equities Fall and CFTC Investigates Manipulation
Published On Thu, Mar 11 2010, 13:54 GMT
Legal disclaimer and risk disclosure
The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. Gold and Silver Investments Limited, trading as Gold Investments is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.Related reports
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