Weekly Gold Review: http://www.hx9999.com/en/comment_week_685.html
Gold refreshed record on Friday. The day high was 1,488.20 USD, and the session closed at the near level of 1,486.70 USD. As no additional favourable factor was reported after reaching the previous record, the commodity once adjusted downward in the early of the week, falling to 1,451 USD on Tuesday. On Wednesday price floated within the relative narrow range of 1,452 – 1,462 USD, waiting for break through.
In the consecutive session the dollar index turned down under the influence of stronger euro. While oil rebounded from the weekly low of 105.5 USD, closing at almost the highest within the week 110 USD.
Gold also reacted with the striving silver. The later had retreated to 39.70 USD on Tuesday and gradually rallied. The day low and day high was 40.40 and 42.40 USD respectively on Thursday, which was a 5 % range, the largest in the week. Silver hit the 30-year high of 43 USD and closed at the said level on Friday.
Both commodities rallied in the later of the week and ended at record level. The upside trends were likely to extend in the coming week. The next targets of gold and silver should be 1,500 and 50 USD respectively. Yet it should be noticed that price fluctuation of silver might not only lead to increase in investment risk, but also more concerns from the regulatory parties. Investors should be alert risk of trading silver was rising as restrictions about margins and position amount might be tightened.
The next upper resistance of gold would be 1,500 USD and range would shift to 1,400-1,500 USD. The support of silver would be USD 38 but the high is still unpredictable. Next target would be 50 USD.
No comments:
Post a Comment