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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Gold Market Awaits U.S. Unemployment Report

Commodities / Gold & Silver 2009 Dec 04, 2009 - 06:11 AM GMT

By: GoldCore

Commodities

Gold touched $1,211.72/oz overnight but has since pulled back. Gold is currently trading at $1,203.70/oz. In EUR and GBP terms it is trading at €799.11/oz and £724.34/oz respectively.


Gold has fallen nearly $20 per ounce from its recent record highs (nominal highs at $1,226/oz and has taken a well earned breather. Tentative dollar strength and further oil weakness has seen traders take profits and there is continuing nervousness about the sustainability of the recent sharp rise in prices. Momentum traders will likely continue to make the trend their friend until we get a lower weekly close. This does not look like happening today unless we get a very sharp selloff and fall below last week's close at $1,176.70/oz.

Caution before the US unemployment figures today is seeing weakness in equity markets. Poor unemployment figures could lead to gold weakness in the short term but should lead to further safe haven demand on concerns about a double dip recession. Especially as there are growing concerns about further sovereign defaults such as in Greece and deteriorating commercial property markets (particularly in the UK and US) internationally.

Silver
Silver touched $18.90/oz overnight. Silver is currently trading at $18.77/oz, €12.46/oz and £11.29/oz.

Platinum Group Metals
Platinum is trading at $1,477.50/oz and palladium is currently trading at $379/oz. While rhodium is at $2,400/oz.

The Bullion Services Team

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