Home » gold » Gold Prices predictions for week august 15 2011

Friday, August 12, 2011

Gold Prices predictions for week august 15 2011


Gold Prices predictions for week august 15 2011 : Gold prices were slipping Friday as investors turned to stocks. Despite the modest sell-off, however, underlying worries over a global double-dip recession, punctuated by a weak consumer sentiment reading Friday, were keeping the metal's price near record highs.

Gold (-GC) for December delivery was down $14.20 to $1,737.30 an ounce at the Comex division of the New York Mercantile Exchange. Gold has traded as high as $1,770.90 and as low as $1,725.80, while the spot gold price was losing a steep $36, according to Kitco's gold index.

Gold prices were down for a second day as investors opted for riskier stocks, particularly after France, Spain, Belgium and Italy implemented a two-week ban on short selling financial stocks. Traders were also less apt to buy gold after the CME and Shanghai Gold Exchange both raised margin requirements for gold -- requiring investors to cough up more money upfront to buy gold contracts.


Gold Close % Change
Wednesday August 3 1,665.60 -
Tuesday August 4 1,653.30 (0.7)
Friday August 5 1,663.40 0.6
Monday August 8 1,760.40 5.8
Tuesday August 9 1,756.10 (0.2)
Wednesday August 10 1,806.30 2.9

The data in the table is from Kitco. With the exception of Wednesday, August 10 the gold and silver prices are at midnight. The gold and silver prices for Wednesday, August 10 were taken from Kitco at approximately 9:30 p.m. ET.

After a sharp rally to record nominal price highs over $1,800 an ounce, gold prices could see a retreat next week, most participants in the Kitco News Gold Survey said.

In the Kitco News Gold Survey, out of 34 participants, 23 responded this week. Of those 23 participants, five see prices up, while 14 see prices down, and four see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts.

A downgrading of the U.S. credit rating by Standard & Poor’s, worries about the stability of some European economies and other general financial malaise pushed gold prices to a high of $1,8xxx in, only to fall back from that level.

Participants who see weaker prices next week cited the rebound in equities and the CME Group’s move to raise margin levels for gold futures traders as a reason for gold’s weaker trade toward the week’s end. Several of them also expect the weakness to continue as the market continues to correct.
“I expect gold to trade at $1,675 sometime within the next week. The parabolic move of this week when lead-month futures (December) set both a daily volume record for a lead month (Tuesday) and a daily volume record Thursday for a day when prices were lower (are a reason). Erratic trading behaviors at extreme highs are indicative near the turn in trends

The few who see higher prices said the stronger underlying trend, despite the pullback, will eventually revert and drag prices higher For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post:

Posted by at
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)