Last Updated : September 03, 2010 20:15
Gold’s profit-taking retreat likely a ‘head fake’
By Allen Sykora of Kitco News (Kitco News)-- The slide in gold prices after U.S. non-farm payrolls, which did not fall as much as expected, may be no more than a “head fake” or temporary blip lower, says Charles Nedoss, senior market strategist with Olympus Futures.
“You’re seeing some money get put back to work in equities,” he says. Still, he said, the jobs report is “not that positive” even though the 54,000 decline in payrolls was less than the roughly 100,000 loss that economists forecast.
“Let’s face it, we’ve got 54,000 less people going to jobs,” he says. Some traders are selling to capture profits after gold’s recent run-up. “This is just temporary,” Nedoss says of the weakness. “The charts still look very, very constructive.”
By Allen Sykora, contributing to Kitco News; asykora@kitco.com
MCX HEATING OIL 23 March 2012
contract was trading at
Rs 160.5 . What's your view on it?
