During the period of approximately two years' delay in notice to underwriters, substantial negative developments occurred and settlement opportunities were lost, |
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For now gold should find support back to $548/oz to $552/oz with technical support at $545/oz keeping the yellow metal within its current uptrend, while scaled up resistance should continue to be found ahead of $575/oz. |
For now gold should hold the $440-448 range, however I still feel the yellow metal is vulnerable to a correction lower. |
For now support should continue to be found at $513//oz and $505/oz while resistance above is expected between $520/oz and $525/oz. |
For the moment gold should continue to find support above the $500/oz level with interim support pegged at $512/oz to $505/oz, while resistance is pegged at $518/oz to $525/oz. |
For the moment support should continue to be found back at $545/oz to $548/oz while resistance is seen at $560/oz to $565/oz. |
For the moment, gold appears comfortable just below the $550/oz level, working between $542/oz and $550/oz. While the mid to longer-term outlook remains bullish for gold, the yellow metal needs to make a convincing break above $550/oz, in the next few days, in order to avoid losing some of its short-term momentum and potentially correct back to $525/oz. |
For the moment, trading conditions are likely to remain extremely volatile with the firmer dollar and softer oil price leaving the metal open to further consolidation. |
From a technical point of view, the current correction is positive for the longer-term bull run and should give the metal the legs to clear the current 25-year high ... and push on towards $600. |
Fund players have featured heavily on the bid across the day, taking platinum and silver as well most of the base complex to fresh highs today. |
Fund profit-taking caused the rally to stall, triggering further long liquidation, with the resulting sell-off in a largely one-way market causing metals to drop like a stone. |
Funds are liquidating positions in gold because they are expecting higher interest rates in the U.S.. |
Further resistance around $1 020/oz is expected in the coming sessions although a break higher would leave little in the way of chart resistance until $1 040/oz. |
Gold has failed to match the lofty highs of $451.50 seen during Asian [overnight] trade, drifting back under the $450 level in European trade as players monitored the movements in the currencies. |