Wednesday, May 23, 2012

Gold prices prediction may 24 2012

Gold prices prediction may 24 2012, silver futures price 5-24-2012, spot gold forecast 5/24/2012 : Gold prices rose in Asian trading on Thursday after taking a beating in recent sessions on fears Greece is teetering closer to abandoning the euro, which sent gold's traditional hedge, the dollar, rising.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded up 0.66% at USD1,558.55 a troy ounce. Gold hit at a low of USD1,557.85 a troy ounce and hit a high of USD1,563.15 a troy ounce during the session.

Gold futures were likely to test support at USD1,533.25 a troy ounce, the low on May 23, and resistance at USD1,594.35, the high from May 22.

Greece is moving closer to abandoning the euro, which has sent the dollar soaring. The dollar and gold normally trade inversely with one another.

Greece will hold parliamentary elections on June 17, and fears are building that enough anti-austerity candidates will win and reject belt-tightening measures past administrations accepted in exchange for bailout money, which could precipitate a Greek exit from the currency zone.

A summit is underway among European leaders to brainstorm ways to contain the debt crisis and eventually end it, though fears that no concrete measures will emerge from the meeting sent gold falling before it rebounded amid bottom fishing.

Calls for the continent Eurobonds are back in play, although policymakers in European paymaster Germany have rejected that idea in the past on the grounds it asks Greece's neighbors to unfairly saddle the country's debt.

Talk that alternative financing mechanisms such as infrastructure bonds may gain favor among those otherwise opposed to Eurobonds boosted gold as well.

Elsewhere on the Comex, silver for July delivery was up 0.80% and trading at USD27.740 a troy ounce, while copper for July delivery was down 0.70% and trading at USD3.427 a pound.

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