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Market Oracle FREE Newsletter

Gold Price Trend Forecast Summer 2019

Gold Supported by Crude Oil at Yearly High and USD Near Record Lows

Commodities / Crude Oil Oct 19, 2009 - 05:46 AM GMT

By: GoldCore

Commodities

Gold is currently trading at $1,055.60/oz. With oil reaching a new high for the year above $79 a barrel, and the Federal Reserve signaling interest rates will stay near record lows for the foreseeable future, the beleaguered greenback fell to a 14-month low on the dollar index. The poor jobs number on Friday left lingering doubts regarding the sustainability of the recovery and this also supported gold.


Gold had another higher weekly close last week which is important from a technical perspective. This could lead to technical traders and momentum funds increasing their long positions and possibly creating a short squeeze. If there is period of profit taking, there is likely to be support at previous resistance between $1,020/oz and $1,030/oz and strong support at $1,000/oz.

A very sharp correction could see gold fall some 10% from the recent high ($1,070/oz) to $960/oz. If this happened it would be a great buying opportunity and could be the last time to buy gold under $1,000/oz for the foreseeable future. In Euro and GBP terms gold is trading at €706.63/oz and £648/oz. Support for gold is currently seen at $1,034/oz and resistance at $1,054/oz.

Silver
Silver is trading at $17.48/oz. In euro and GBP terms silver is trading at €11.70/oz and £10.73/oz.

Platinum Group Metals
Platinum is trading at $1,351/oz while rhodium and palladium are trading at $1,650/oz and $331/oz respectively.

The Bullion Services Team

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Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

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