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Monday, February 27, 2012

Gold, Silver futures prices outlook feb 28 2012

Gold, Silver futures prices outlook feb 28 2012 : Gold prices steadied on Monday, having earlier fallen in line with the euro, stocks and other commodities like crude oil, as buyers were tempted back to the market by the metal's retreat towards $1,760 an ounce.

Spot gold was at $1,770.09 an ounce at 1439 GMT against $1,772.19 late on Friday, having earlier slipped as low as $1,761.76 an ounce. U.S. gold futures for April delivery were down $6.00 an ounce at $1,770.40.

silver was down 0.3 percent at $35.18 an ounce.

The metal has risen more than 13 percent so far this year and analysts are upbeat about its prospects on expectations that monetary policy will remain loose in key economies, cutting the opportunity cost of holding non-yielding bullion.


Gold has been pulling back during the past couple trading session on light volume which healthy price action. It has done the opposite of what the dollar did above. Gold broke through a key resistance level and is slowly drifting back down to test the breakout level in search of support. If so, then gold should continue higher in the coming days.

Both silver and gold miner stocks are lagging the price of gold. They have yet to break through their key resistance levels. That being said, it could happen any day now as they have both been flirting with that level for a couple trading sessions now.

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