Last Updated : 10 October 2012 at 22:55 IST
'Urgency to buy Gold has subsided’
Source :Commodity Online
Dealers still see gold prices rising into the year’s end but the short-term outlook is hazy.
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NEW YORK (Commodity Online): Gold prices may be a bit top-heavy, said Alex Thorndike, senior trader, precious metals and foreign exchange at MKS Capital.
“The rapid buildup of speculative length on both Comex and various ETF's, coupled with the yellow metals inability to breach $1,790-96, may be a cause of concern (for) weak longs and consequently is forcing some frustrated liquidation…. What is also a concern is the fact that the urgency to buy gold, seen post QE3 announcement, has certainly subsided,” he added.
Dealers still see gold prices rising into the year’s end but the short-term outlook is hazy. “I am of the camp that we will need another clean out, similar to the one seen back on Sept. 26, when we had the solid flush out through $1,750 to touch $1,735,” he concluded.
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