At the moment the mood is still jubilant. |
At the moment, I think we're lacking a little bit of direction. |
Certainly, it looks like we are targeting $600 in the near term. It may happen in London overnight. |
Geopolitical tensions continue to keep people invested in gold. People are content to be long in precious metals than the dollar, or other investments. |
I do wonder about the validity of silver as an alternative investment vehicle. |
I just think silver is getting a little more speculation than it normally would. |
I think the scope is great to move down to the lows of the $525 area before building again for another move up. |
If the statement that follows suggests they may look to halt their policy of raising in moderation, to the extent that they're not going to raise rates again at the next meeting, then the dollar could suffer on the back of that and that would give a boost to gold. |
If we sustain this break for the duration of the day, then I think we will be looking to test $495 again. |
Investment funds are pushing gold. The drive for it is still fundamentally sound. |
It doesn't look like we've got any particular drivers to push it either down or much higher. |
It's certainly looking to test that area. |
It's dizzy high, and we're looking at a very overbought market. We're looking for a correction. It has to come at some point. However, given where oil is, it may well give some support on the downside. |
It's really struggling to find momentum to go back up again. |
Obviously, the funds will be looking to speculate and make some money out of this. But I am still of the opinion that the spike might be somewhat short-lived. |