Alan Williamson
Alan Williamson
days dollar east few happens market middle next suspect unless
Unless something happens in the Middle East or the dollar has a significant move, then I suspect that the next few days we are just going to see the market drifting.
action bias continues early held hold market middle move price range rather recent since suggesting towards trading within
The market continues to hold in the middle of the $535-$575 range that has held since early January, with the most recent price action suggesting a bias towards a move higher, rather than lower, within this trading band.
belief dollar partly result strength
This is partly as a result of the belief that any dollar strength will be temporary,
caused energy higher pressures rise
rise in inflationary pressures caused by higher energy prices.
absorb begin funds happen imagine market weight
If the market can absorb such a weight of selling, then just imagine what will happen if the funds begin to reinstate long positions.
case equity funds gains gold investors local lock market markets months move positively prices recent recycling secure sought stock
Over recent months gold and equity prices have been positively correlated. This has particularly been the case in Japan, where investors have sought to lock in stock market gains by recycling funds into gold. With equity markets weakening, local investors sought to secure gains on gold and move into cash.
although bear further gold looks ruled sentiment swift towards trap turned
Sentiment towards gold has now turned markedly more bearish and further long liquidation looks likely, although the deterioration in sentiment has been so swift that a bear trap can not be ruled out.
continue direction happening lacks market seeing thin trading volumes
There is very little happening and we're seeing thin volumes today. The market lacks direction; it may continue trading sideways.
continued east enthusiasm metal middle ongoing precious prices remain
Precious metal prices remain firm, underpinned by ongoing tensions in the Middle East and continued speculative enthusiasm for commodities.
although bargain beginnings consumers falls higher hunting markets price remains seen sharp turn whether
The sharp price falls have seen the beginnings of some bargain hunting by consumers and investors, although whether this will be enough to turn the markets higher remains to be seen.
earlier expected figures gold impetus lost lower profit release taking trade upside
Gold lost some of its impetus with the release of lower than expected US trade figures and this prompted profit taking in gold. Earlier in the day gold's upside had also stalled.
buying dips mantra markets profitable remains
Buying the dips remains the most profitable mantra in the markets at the moment.
external helped lacking market otherwise support
Geopolitical tensions have helped to support the price, but otherwise the market is lacking any external impetus.
gold highs lows market trade
The trade in the gold market is very, very thin, with gold off the lows and the highs of the day at $502/oz and $508/oz.