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2008-07-22 11:05:00 |
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Precious metals on a bullish phase
Commodity Online
MUMBAI: Is it time favourable for investment in precious metals—gold, silver, platinum. Very much says, Warren Bevan in Penny Sleuth. In a technical analysis he has pointed out that all these metals are in a bullish phase.
Bevan has said that gold is ready for an all-time high, silver will follow the trend in a month or two while Platinum is trading in a super bullish formation.
Meanwhile, Gold extended gains on Tuesday as uncertainties in the U.S. financial system lingered, while platinum tumbled to its lowest level in more than two months on demand fears.
In Tokyo Commodity Exchange (TOCOM) gold held close to its highest level in 25 years as Japanese investors returned to the market after a holiday, and a firm cash market helped spur buying
Analysts said that there is bullish momentum in gold and is well supported above $955 levels. The most active Tokyo gold contract for June 2009 delivery on TOCOM ended the morning session 28 yen per gram higher at 3,341 yen. It hit a one-week high of 3,345 yen --just below a 25-year high of 3,346 yen struck last week
For the moment there is no active buying of platinum by funds and therefore it’s prices are coming down, an analyst said.
Palladium is making higher highs and higher lows as it consolidates and postures to break through the downtrend at $450. This pattern will resolve itself one way or another within the next two weeks tops and will give us a better indication of the future, according to Penny Sleuth.
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| Technical Calls |
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Commodities recap - evening of 5th Sept, 2008 |
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Bullions remained subdued in morning session although they eased little and slides below $800, drop in crude pressurized gold. Precious metal stayed under pressure on the dollar's strength and weaker oil prices. |
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Flashback-Energy-5th Sept, 2008 |
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Crude Oil prices fell yesterday by more than $1, as concern over falling demand outweighed unexpected drop in crude oil inventories. |
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Status Report of Commodities for Sept 5, 2008 |
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Gold fell for the fourth straight day as the euro weakened against the dollar, eroding the appeal of the precious metal as an alternative investment. Silver was little changed. The euro fell as much as 1.2 percent against the dollar after the Europea |
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| FOREX Reports |
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Rupee closes in the red |
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Indian rupee ended trading Friday Rupee at 44.65/66 per dollar, from the previous close of 44.35/36, as losses in the local share market raised concerns about further foreign fund outflows.
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Rupee nosedives to 21 month low |
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Indian rupee nosedived to its lowest in 21 months on Friday as a stock market slide triggered concerns of further foreign fund outflows. |
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Japanese foreign reserves decline in August |
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Asia’s largest economy, Japan’s foreign exchange reserves declined for the first time in three months at the end of August, the Japanese Finance Ministry said.
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