Gold expected to dip soon
Enviado: 9/2/2003 20:35Gold expected to dip soon
Latest headlines
By Justin Brown
In the next few days, spot gold is likely to fall to about $360 a troy ounce but the decline is expected to be a short-term pause before gold returns to its bull run and rallies to between $400/oz and $418/oz, JP Morgan says.
"The recent bear engulfing pattern from $389/oz suggests a larger pause in the bull trend and keeps our bias to the downside for the metal," the investment bank added.
Spot gold was at $371.10/oz up $1.50/oz from the Thursday New York close of $369.75/oz.
On Wednesday, spot gold touched $389/oz, the highest since September 1996.
Platinum remains above the $675/oz support level and JP Morgan expects the metal to rally to between $700/oz and $710/oz in coming sessions.
Platinum was at $691/oz, up U.S. $16/oz from Thursday's close of $675/oz.
I-Net Bridge
http://www.sundaytimes.co.za/zones/sundaytimes/business/business1044624085.asp
Latest headlines
By Justin Brown
In the next few days, spot gold is likely to fall to about $360 a troy ounce but the decline is expected to be a short-term pause before gold returns to its bull run and rallies to between $400/oz and $418/oz, JP Morgan says.
"The recent bear engulfing pattern from $389/oz suggests a larger pause in the bull trend and keeps our bias to the downside for the metal," the investment bank added.
Spot gold was at $371.10/oz up $1.50/oz from the Thursday New York close of $369.75/oz.
On Wednesday, spot gold touched $389/oz, the highest since September 1996.
Platinum remains above the $675/oz support level and JP Morgan expects the metal to rally to between $700/oz and $710/oz in coming sessions.
Platinum was at $691/oz, up U.S. $16/oz from Thursday's close of $675/oz.
I-Net Bridge
http://www.sundaytimes.co.za/zones/sundaytimes/business/business1044624085.asp