Short-term the outlook for gold remains mixed with traders closely monitoring the movements in the currencies and oil as well as the newswires, while concerns about inflation and geo-political uncertainties continue to support a more bullish mid to long-term view.
More Quotes from James Moore:
Conditions are set to remain volatile in silver for some time to come as traders await the SEC's decision on Barclay's ETF application.James Moore
The market for gold is very thin and gold is higher on a bit of buying. Gold could test 518oz or maybe 525oz today. The range for the rest of today, for gold, is likely to be between 518oz to 525oz. Despite the risk of a downwards correction, similar to that seen at the start of 2005, the outlook for the precious complex remains very upbeat with the combination of positive supply and demand fundamentals, good physical and growing investor demand set to push the metal beyond the 541oz high seen in early December and continue the bull-trend across the year.
James Moore
For the moment gold should continue to find support above the 500oz level with interim support pegged at 512oz to 505oz, while resistance is pegged at 518oz to 525oz.
James Moore
This week could prove quite important for gold as speculators decision whether to probe higher or to continue locking in profits.
James Moore
Offers have emerged overnight with gold so far matching yesterday's low but with early closes in London and New York today and both markets shut tomorrow for Good Friday, traders are going to be reluctant to go home short given the heightened geopolitical climate.
James Moore
Trading conditions are set to remain thin in the coming sessions which could give rise to a degree a price manipulation by certain sources.
James Moore
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