Analysis of the metals market (GOLD) on 07.03.2008

Analysis of the metals market (GOLD) on 07.03.2008

Data on the labour market can decide the outcome of the U.S. week

On Thursday courses precious metals declined, despite the falling dollar and rising oil prices. The occasion could become important expectations of the labour market in the United States. Market participants perestrahovyvalis and partially fixed profit at high levels.

At the European bid for spot gold rose again to a maximum of, but the level of $ 1000.00 frightens investors, which led to the fixation of long positions. Prices of silver rose to a maximum of $ 21210, the maximum level for 27 years.

At the American bid price of gold fell sharply to $ 665.00 mark, but later returned lost. Panic selling was not justified by the situation in the cement in general, as well as oil rose and reached new highs. The price of light sweet oil brand mark rose above $ 105.50 per barrel. The dollar fell to new historical minimum 1.5394 against the euro.

Despite the fact that precious metals declined, growth may resume today after the publication of data on the labour market in the United States.

Economists forecast the number of jobs created outside of agricultural in February will be in the range of 0 to +25000. Given ADP data presented on Wednesday, which showed a reduction of jobs in the private sector at 23000, official figures may be worse than forecast. Also, the unemployment rate is projected to rise to 0.1%, which is also a strong negative for the economy of the United States in this situation.

Prior to the publication of the United States, to be held at 16:30 Moscow time courses are likely to be traded in limited ranges.

By 03.00 Moscow time spot price of gold was $ 977.40 per ounce, against $ 985.80 at the beginning of trades in Europe. Spot price of silver was $ 20180 per ounce, against $ 20820 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 982.50. Silver torgovalos at $ 20280 per ounce.

To date, the average trading range for gold is between levels 972.00 - 993.00.

Technically, the price of gold again to the consolidated psychological level of $ 1000.00.

Indicator in the area of sales, today at the European bid sale will be held at the range, but after the publication of possible sharp fluctuations in the United States.

To date, the average trading range of between levels of silver is 20,050 - 20,680.

Technically silver adjusted rate after reaching new highs.

Indicator in the area of sales, today at the European bid sale will be held at the range, but after the publication of possible sharp fluctuations in the United States.