Precious Metals Review: Gold, Silver Head Mainly Sideways
Autor: Tohoku_
Data: 14-10-2003 16:42
Comex Dec gold futures settled 50 cents higher at $376.20 per ounce Tuesday after a primarily consolidatory session as prices went over recently well-trodden ground in the $373-$377.50 region.
Prices initially came under pressure from the overnight and early morning
strength in the U.S. dollar, but were lifted as the session wore on by the
U.S. currency's gradual slippage against its rivals and renewed physical and
fund interest in bullion.
Dec gold's upside was limited, however, by a shortage of follow-through
buying interest as prices nosed around $377 and the U.S. dollar averted a
sustained speedy decline relative to the euro and yen around midway through the New York trading day.
As a result, the recent broad $367-$378 range that has remained intact for the past six days was extended. Additional wanderings in that vicinity are expected over the near term.
Over the medium run, a broader range has been allowed for as some
additional long liquidation could potentially take place to dunk prices
toward $365, and fresh fund interest could push levels back toward $380.
In the longer term, sources remain bullish on gold because of the bearish
prognosis for the U.S. dollar and continued uncertainty blotting the economic and geopolitical landscapes.
Dave Meger, analyst at Alaron Trading Corp., said: "In the near term I
think we could see some more long liquidation and profit taking as we wash out whatever weak-handed longs there are left.
"But in the longer run I remain bullish on gold and think we can challenge
our previous highs we saw in September by the end of the year," he added.
Open interest for Comex gold futures Monday was 6,082 contracts lower at 248,191 contracts.
Spot gold broadly matched Dec gold's range-bound movement and kept to a $372.30-$376.90 range throughout.
More consolidation within a $365-$380 range has been allowed for over the short term, sources said.
Dec silver nestled within a $4.885-$4.975 range through the day to hold
well above last week's lows of around $4.75 but over 30 cents below the highs scored late September.
Dealers said a stretch of consolidation and base building in the $4.85-$5
region was expected to take place over the near term.
Open interest Monday was 419 contracts lower at 86,813 contracts.
Nymex Jan platinum was $3.30 higher at $727 after a lightly-traded session in which prices held near the upper reaches of recent price action.
Dealers said further light trading within a $710-$730 range was expected over the coming days.
Dec palladium sagged $3.45 to $206.05 after a similarly sedate session in which prices languished near recent lows.
Further slippage toward the $200 mark is foreseen over the near term,
although the recent broad $200-$220 range is seen remaining largely intact.
Settlements:
London PM Gold Fix: $373.95, Versus $370.25 Monday
U.S. spot gold 1355 ET: $377.55, up $1.20 from Open; Range: $372.30-376.90
Dec gold (RGCZ03) $376.20, up $0.50; Range: $373.00-377.40
Dec silver (RSIZ03) $4.932, down $0.048; Range: $4.885-4.975
Jan platinum (RPLF04) $727.00, up $3.30; Range: $723.00-727.50
Dec palladium (RPAZ03) $206.05, down $3.45; Range: $205.50-209.90
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Gavin Maguire, OsterDowJones, (646) 364-0959 [email protected]
Copyright 2003 OsterDowJones Commodity News (ODJ). All rights reserved.
Precious Metals Review: Gold, Silver Head Mainly Sideways
Tohoku_
36
14-10-2003 16:42
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