The situation in the US, and more importantly in the Eurozone, will stay relevant for some time to come. The world economic picture looks a little brighter, but the looming recession in the Eurozone makes it difficult to view this as more than a temporary phenomenon. Physical buying in Dubai and UAE market seemed as finished for the year, but on Thursday, 15th December there was excellent buying from customers resembling strongly the heydays in August/September. Customers obviously view the prices under US $ 1600 as a bargain.
Physical gold was trading recently with a discount of up to US $ 1 under London Fixing, but this discount has been eliminated during the trading of the last couple of days. The physical markets experiences lately a down-change a trend, but hopefully it helps to put a bottom in place, at least in the short term.
EFP Spot Gold to December Comex: $ 2.30
ETF: Holdings down to 2420 tons overall
Support: 1562 and 1535
Resistance: 1640 and 1665
Silver: 29.70 – down US $ 2.48 on the week. Silver was outperforming gold again on the downside with prices sliding 12.5 per cent at its lowest level (28.15). The price levels recovered to a slightly more respectable US $ 29.70, but silver will remain totally dependent on the direction taken by gold, according to ENBD. The investment community has abandoned silver and it is very much likely that silver will simply act as an amplifier for gold and more sporadically for the Platinum Group Metals (PGM`s).
Option volatilities midrates: Silver atm (at the money)
ETF: The total holdings 14850 tons
Support: 28.12 and 26.52
Resistance: 30.80 and 31.65
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