Support remains pegged at $485/oz, while moves back towards $500/oz are likely to prompt further long liquidation. |
The absence of chart resistance points and persistent investor/fund demand leaves platinum with plenty of scope for gains in the coming sessions. |
The absence of upside momentum suggests a period of consolidation may be necessary before gold continues towards $600. |
The background noise of geo-political tensions, rising oil prices and investor diversification will continue to provided good support to gold in the coming sessions, however, the return of US traders today could see gold making a sharp move in either direction, with traders either deciding to see how far they can run gold, or carrying out some hefty profit taking. |
The background noise of geopolitical tensions, rising oil prices and investor diversification will continue to provide good support in coming sessions. |
The basic fundamentals for gold are looking very good. |
The bulls still appear to have the most ammunition at the moment and seem set to test $600 sooner rather than later as concerns over the dollar, oil and geopolitical tension draw investors to the market. |
The combination of early closes, thin volumes and end-of-year book squaring are set to keep volatility high, but with gold set to close above $500/oz, the prospects of further gains in 2006 are looking very strong indeed. |
The combination of jumping oil prices and weak U.S. economic data has triggered an end-of-week rally in the precious metals complex, with gold rising to just shy of $559. |
The combination of softer oil prices and a firmer dollar have triggered some profit taking overnight. |
The correction looks set to continue over the course of the week, offering not only physical players but investors a good buying opportunity before marching on to the $600 level later in the year. |
The dollar's long-term prospects are still in question as [oil prices] remain high and many areas in the [southern] United States have been left in turmoil in the wake of Hurricane Katrina. |
The emergence of fund/investor buying today, rather than long liquidation that was seen 12 months ago, is positive for gold's short- as well as longer-term outlook. |
The firm start in the US might be the catalyst needed for a test of $575/oz, particularly with the IAEA due to reach its verdict on Iran which could mean sanctions and would not only heighten tension in the Middle East, but could create inflation concerns if oil output was curbed. |
The general bullish tone still seen within the commodities sector as well as the lack of chart resistance looks set to push platinum to further highs in the coming sessions. |