Gold Corrects Lower, Consolidation Seen

verfasst von Ecki1, 08.05.2002, 14:15

ODJ Europe Precious Metals: Gold Corrects Lower, Consolidation Seen

London, May 8 (OsterDowJones) - Gold corrected further Wednesday with the
market having retreated from its highs Tuesday, trading around $310.00-312.00
a troy ounce throughout the morning session.
The correction has not been large enough to have shaken those speculative
players holding long positions out of the market, and dealers said this points
to further, albeit limited, downside, with a period of consolidation around
$307/oz likely to follow.
Selling pressure from banks remains a possible threat in the afternoon
session, players said, with this having aided the current dip lower. Scale-
down buying is likely to provide support, although players said the slightly
stronger U.S. dollar is expected to result in further downside in the near-
term.
"The market continues to be characterized by healthy two-way trading, with
selling largely showing through as profit taking activity, while buying is
coming both from the physical and the professional elements in the market,"
one analyst added.
Spot gold fixed at $310.90/oz in the morning session from $310.45/oz in
the London afternoon session Tuesday.
Steady forward buying by professional players has taken spot silver higher
after a long period of lackluster interest, players said, with one-month lease
rates firming as a result.
Spot silver moved to a high bid of $4.66/oz, and dealers said that given
expectations of further borrowing in the forwards, silver is set to rally
higher, breaking with its previous cautious trade ahead of gold.
There is limited potential for a major move higher, dealers said, given
that the net short position held in the market is small.
Next resistance is seen at $4.70/oz, with support steady at $4.60/oz.
Platinum and palladium traded quietly with the markets stuck in previous
trading ranges throughout the morning session. Spot palladium fixed at
$357.00/oz from $356.00/oz, while spot palladium fixed at $525.00/oz from
$522.00/oz previously.
With net speculative long positions seen to be increasing to around
173,000 ounces, according to recent Commitments of Traders Data by the CFTC,
subsequent changes in open interest indicate that about 40,000 ounces of this
position has been liquidated."However, in light of the lack of selling seen
at the fixing over the past few days, platinum could stabilize at around the
current levels," one player added.

---
Andrea Hotter, OsterDowJones, +44 20 7979 5740
ahotter@osterdowjones.com

FSN2270 OMCTF COMMENTS METALS
2002-05-08 09:50:24 UTC
^^^^^

http://www.futuresource.com


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gesamter Thread:

• Gold Corrects Lower, Consolidation Seen - Ecki1, 08.05.2002, 14:15
  • Re: Ãœberschäumender Optimismus für Gold, nicht nur hier im Board ;-) (owT) - JLL, 08.05.2002, 15:15
    • Re: Ãœberschäumender Optimismus für Gold, nicht nur hier im Board ;-) (owT) - Wal Buchenberg, 08.05.2002, 15:42