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Gold Price Trend Forecast Summer 2019

Gold Weak, Sterling Falls on Economic Concerns over Record UK Public Borrowing

Commodities / Gold and Silver 2010 Oct 20, 2010 - 08:15 AM GMT

By: GoldCore

Commodities

The knee jerk reaction to the Chinese interest rate rise was an increase in risk aversion which saw falls in equity and commodity markets and this contributed to gold falling more than 2%. Poor earnings results also contributed to the weakness in equities. Gold's weakness was also likely due to the dollar rising and to profit taking after gold's recent gains. Support is at $1,325/oz and $1,300/oz and resistance is at $1,374/oz and the record nominal high of $1,385/oz (see chart below).


Gold is currently trading at $1,341.75/oz, €970.39/oz, £853.82/oz.

Cross Currency Table

While European stock markets have not followed their US and Asian counterparts lower, risk aversion is being seen in currencies where the dollar has given up some of yesterday's gains and sterling has fallen after Britain's public borrowing hit a record high in September. Public borrowing rose to £15.6bn for the month while analysts had expected to show a fall in borrowing to £14.2bn. The pound slid to $1.57 in the wake of the worse than expected figure and sterling fell to £853/oz from £848/oz against gold.

Gold in USD - 30 Days.

The still deteriorating fiscal positions of many major industrial economies should lead to higher gold prices in all fiat currencies. The lack of international cooperation and the growing tensions over competitive currency devaluations is another concern. These tensions could lead to protectionism which is another real risk which it would be wise not to ignore.

Silver

Silver is currently trading at $23.71/oz, €17.14/oz and £15.08/oz.

Platinum Group Metals

Platinum is trading at $1,673.00/oz, palladium is at $579/oz and rhodium is at $2,175/oz.

This update can be found on the GoldCore blog here.

Mark O'Byrne
Director

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