Last Updated : 24 October 2012 at 22:15 IST
Modest pressure on Gold prices likely to remain near term: HSBC
Source :Commodity Online
If gold breaks $1,700, the next support level is $1,660, which is where gold held prior to Federal Reserve Chairman Ben Bernanke’s speech at the Fed symposium in Jackson Hole.
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NEW YORK (Commodity Online): Gold prices could remain under pressure in the near term as the yellow metal fell under technical-chart support at $1,720 an ounce and was dragged down Tuesday by the weakness in risk assets, said (HSBC) in a commodity snippet.
Weakness in the euro, price declines in the industrial commodities and the platinum group metals because of lower-than-expected corporate earnings were all weighing on gold. If gold breaks $1,700, the next support level is $1,660, which is where gold held prior to Federal Reserve Chairman Ben Bernanke’s speech at the Fed symposium in Jackson Hole, said James Steel, analyst with HSBC.
“We continue to see modest pressure on gold prices in the near term, barring any surprise announcements by the FOMC (Federal Open Market Committee) for additional monetary easing policies. However, emerging-market demand for bullion has picked up, given the recent gold price decline, and this may act as a backstop against steeper price drops, in our view,” Steel concluded.
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