Analysis of the metals market (GOLD) on 11.03.2008

Analysis of the metals market (GOLD) on 11.03.2008

The increase in oil prices is not allowed to fall down the rate of gold.

On Monday, precious metals traded courses with decreasing, but the resumption of growth in oil prices supported precious metals market.

At the European session courses precious metals declined against the backdrop of fixation of long positions, as has been the events that could support further growth.

Also, the support of the increase in the prices of platinum sophistication, as well as reports from South Africa indicate an increase in production. Recall that the reduction in the production of platinum was due to the lack of electricity supply in the mining and processing enterprises in South Africa.

At the American bid sharp rise in oil prices lifted precious metals market from further decline. The price of light sweet oil brands rose toward $ 108.00 per barrel, the maximum for all the history. Increases in oil prices the price of gold has returned most of the lost positions.

Today, the key event at the European bid will institute ZEW data for the euro, but by the United States for a foreign trade deficit figures for January. Today, the dollar may be under pressure against the background of expectations of weak data that could support precious metals market.

By 03.00 Moscow time spot price of gold was $ 973.70 per ounce, against $ 975.90 at the beginning of trades in Europe. Spot price of silver was $ 19650 per ounce, against $ 20270 at the beginning of trades in Europe.

The morning auction courses precious metals traded in narrow ranges. Spot price of gold to $ 8.00 Moscow time stood at 972.00. Silver torgovalos at $ 19630 per ounce.

To date, the average trading range for gold is between levels 966.00 - 976.00.

Technically, the price of gold continues to consolidate after the increase last week.

Indicator in the neutral zone, trade will be in the range of possible growth.

To date, the average trading range of between levels of silver is 19,320 - 19,970.

Technically course silver continues to consolidate after growth last week.

Indicator in the neutral zone, trade will be in the range of possible growth.