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Gold Pullback From New Record Highs Winning Streak

Commodities / Gold & Silver 2009 Oct 09, 2009 - 01:35 PM GMT

By: GoldCore

Commodities

Best Financial Markets Analysis ArticleAfter recording new record nominal highs on three consecutive days, gold appears to be taking a well earned breather. It has held steady above $1040.00/oz at the present time and looks set to record another higher weekly close and a historic record weekly close. It has retreated somewhat from record highs due to some profit taking and a partial recovery of the dollar.


Ordinarily, a pullback would be expected and previous resistance at the $1,020 to $1,030 level would be expected to become support. But these are not ordinary times and gold may continue to surprise to the upside as it did in late 2007 (when after a long period of consolidation it broke out above $700/oz and surged to over $1,030/oz in the next four months – see excellent chart Sharelynx below). With much of the market calling for a correction in the short term, gold may continue to confound those waiting to buy on a pullback as it did the last time that gold broke out after a similar period of long consolidation (Q2 2006 to September 2007). This market is not favourable to speculators and market timers and dollar (euro and sterling) cost averaging and gradually assuming a position over a period of time remains a prudent strategy.

Silver

Silver is currently trading at $17.62/oz and looks very bullish technically and fundamentally. Silver in euro terms looks on the verge of a very significant breakout. Silver remains less than half of its nominal high in dollars in 1980 and remains undervalued on an historical basis. Traders and astute investors will notice the anomaly and this will see many wisely allocate funds to silver.


Platinum Group Metals

Platinum is currently trading at $1,338/oz, palladium is $323/oz and rhodium is $1,575/$1,675

Mark O'Byrne
Director

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