Wednesday, March 01, 2006
Gold Steadies, Traders Look At $568-$572
Dow Jones Newswire has this update on trading. "Softer dollar sentiment as well as steady oil prices has kept the precious metals complex underpinned with gold holding and building on the $560 an ounce level, while silver has been in a far more volatile mood with fund/speculative interest featuring heavily, say analysts."
"April gold is trading up $1.50 at $565.40 an ounce, while May silver is up 2.5 cents at $9.830 an ounce. The traders add that gold's ability to move above and hold the $560 an ounce level gives a positive lift to the metals short-term outlook and suggests a test towards the $568-$572 resistance band as investors and speculators continue to be drawn toward gold's safe-haven qualities."
"April gold is trading up $1.50 at $565.40 an ounce, while May silver is up 2.5 cents at $9.830 an ounce. The traders add that gold's ability to move above and hold the $560 an ounce level gives a positive lift to the metals short-term outlook and suggests a test towards the $568-$572 resistance band as investors and speculators continue to be drawn toward gold's safe-haven qualities."
# posted by Ben Jones @ 10:52 AM 
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This is interesting to watch, because if gold fails to spring forward with so much bullish news behind it, traders will see it as not having legs. High noon!
I could easily imagine some profit taking upon every new or near record high. Later this year, it's probably going to have a good run because more slugish economic news will come out.
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