gold g.a.
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LONDON, Jan 27 (Reuters) - Gold bullion drifted lower in ...
...Europe on Tuesday as the market tracked a stronger dollar, and analysts said prices might move below
key support at $400 an ounce for the first time in more than a month.
"We moved into a lower range yesterday as the dollar strengthened. The market is saying we
could see this to go to $400," Peter Hillyard, head of metal sales at ANZ Investment Bank, said.
"If we break through, there's every possibility we can go down to $390."
But analysts said the recent fall in prices represented a retracement rather than the reversal
of a bullish trend.
Gold was last below $400.00 on December 12, with the steep rise that followed taking prices
to a 15-year high of $430.50 on January 6, which marked the start of the retracement.
Analysts said the market would not move significantly in either direction ahead of a U.S.
Federal Open Market Committee (FOMC) meeting on interest rates to be held this week.
U.S. January consumer confidence data, also expected this week, would have further bearing
on dollar direction.
Spot gold prices reached their 15-year peak as the U.S. currency dropped to a lifetime low
against the euro, making the dollar-denominated precious metal less expensive for holders of
other currencies.
The dollar has since gained ground as euro-zone officials have voiced concern over the strength
of the single currency.
By 1230 GMT spot gold <XAU=> was at $404.55/405.05, down on New York's last quoted price
of $406.25/407.00.
Spot silver <XAG=> was at $6.26/6.28, slightly below New York's $6.28/6.30.
Platinum metals settled back after recent advances, and traders expected them to continue
to drift.
Platinum <XPT=> was at $852.00/857.00, versus New York's $856.00/861.00, while palladium
<XPD=> was at $226.00/231.00, down on New York's $232.50/238.50.
Copyright 2004, Reuters News Service
key support at $400 an ounce for the first time in more than a month.
"We moved into a lower range yesterday as the dollar strengthened. The market is saying we
could see this to go to $400," Peter Hillyard, head of metal sales at ANZ Investment Bank, said.
"If we break through, there's every possibility we can go down to $390."
But analysts said the recent fall in prices represented a retracement rather than the reversal
of a bullish trend.
Gold was last below $400.00 on December 12, with the steep rise that followed taking prices
to a 15-year high of $430.50 on January 6, which marked the start of the retracement.
Analysts said the market would not move significantly in either direction ahead of a U.S.
Federal Open Market Committee (FOMC) meeting on interest rates to be held this week.
U.S. January consumer confidence data, also expected this week, would have further bearing
on dollar direction.
Spot gold prices reached their 15-year peak as the U.S. currency dropped to a lifetime low
against the euro, making the dollar-denominated precious metal less expensive for holders of
other currencies.
The dollar has since gained ground as euro-zone officials have voiced concern over the strength
of the single currency.
By 1230 GMT spot gold <XAU=> was at $404.55/405.05, down on New York's last quoted price
of $406.25/407.00.
Spot silver <XAG=> was at $6.26/6.28, slightly below New York's $6.28/6.30.
Platinum metals settled back after recent advances, and traders expected them to continue
to drift.
Platinum <XPT=> was at $852.00/857.00, versus New York's $856.00/861.00, while palladium
<XPD=> was at $226.00/231.00, down on New York's $232.50/238.50.
Copyright 2004, Reuters News Service
scuba
Fear blind us the opportunity, greed blind us the danger!
Fear blind us the opportunity, greed blind us the danger!
- Mensagens: 1300
- Registado: 10/11/2002 1:03
- Localização: 24
gold g.a.
target enquanto não passar os 424 é 375, que representa o reencontro com a exponêncial dos 50 dias.
keep it simple and stupid....just kiss!
cumps
keep it simple and stupid....just kiss!
cumps
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scuba
Fear blind us the opportunity, greed blind us the danger!
Fear blind us the opportunity, greed blind us the danger!
- Mensagens: 1300
- Registado: 10/11/2002 1:03
- Localização: 24
2 mensagens
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