Analysis of the metals market (GOLD) on 05.03.2008

Analysis of the metals market (GOLD) on 05.03.2008

Gold came under came close to a record of $ 1000 marks per ounce.

On Tuesday courses precious metals fell sharply against the backdrop of lower oil prices below $ 100.00, which triggered a record of long positions in precious metals.

At the European bid price of gold in the spot negotiate with improved from recent highs. Silver torgovalos threads in a narrow range. In the absence of major economic data for the United States trades were weak, and nothing presaged that the players will move to action.

In the second half of the North American session, the price of oil fell sharply, which triggered a record of profits in the market of precious metals. Also, the cause of lower prices can be regarded as psychological aspects. When approaching gold prices to the level of $ 1000.00 per ounce on the market begins strife, which increases volatility. Falling prices have become excessive, but not so much to break down a rising trend.

Despite the decline in the prices of gold and silver, platinum prices continue to go up, a sign that the purchasing power.

Nastorazhivaet fact that the dollar negotiate during the day in a limited range and are not able to ask directions in the market and precious metals market participants are likely overly reacted to the oil market.

You can also take into account that the likely market participants recorded a profit before meetings of the Central Bank on Thursday and publishing data on the labour market in the United States.

Today, the main business activity data will be in service in Europe, the UK and the USA. Also ADP data on the number of jobs in the private sector could be severely label market, as well as in recent times on the data response stronger than the official data on the labour market, which will be presented on Friday. There will also be presented with a report from the Fed "Beige Book".

The dynamics of the market today, precious metals will depend on economic data submitted.

By 03.00 Moscow time spot price of gold was $ 966.60 per ounce, against $ 981.70 at the beginning of trades in Europe. Spot price of silver was $ 19770 per ounce, against $ 20190 at the beginning of trades in Europe.

The morning auction traded precious metals courses with decreasing. Spot price of gold to $ 8.00 Moscow time stood at 964.90. Silver torgovalos at $ 19580 per ounce.

To date, the average trading range for gold is between levels 961.00 - 969.00.

Technically, the price of gold fell sharply in the framework of correction against the backdrop of fixing profits.

Indicator in the area of sales, commerce will be held today, according to published data.

To date, the average trading range of between levels of silver is 19,480 - 19,900.

Technically course silver fell sharply in the framework of correction against the backdrop of fixing profits.

Indicator in the area of sales, commerce will be held today, according to published data.