Gold prices Fundamental Analysis monday Sept 12 2011

Gold prices Fundamental Analysis September 12 2011 : Gold prices came under pressure on Friday due to the U.S. dollar strength, where traders were concerned whether the U.S. Congress would pass Obama’s jobs stimulus plan, while rumors spread that an ECB member will step down after a conflict over the ECB’s bond-buying program.

We still preserve our bullish outlook for gold prices, where traders are likely to continue targeting safe assets including gold amid the huge uncertainty that continues to surround the outlook for global growth, especially since emerging signs suggest global growth is slowing, and that should continue to support demand for gold as a safe haven over the coming period.

Moreover, the deepening European debt crisis should continue to provide gold prices with strong bullish momentum, and accordingly, we should expect gold prices to extend the gains over the coming period.

Traders will be also watching the developments on Obama’s jobs plan and whether U.S. lawmakers can reach an agreement to pass the bill. Also, the G7 meeting over the weekend will be the major highlight for markets on Monday. (source www.meta4forexbroker.com )

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