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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Gold Failure to Rally Leads to Significant Trendline Breaks

Commodities / Gold & Silver 2009 Aug 18, 2009 - 09:20 AM GMT

By: GoldCore

Commodities

Gold ticked all the boxes it was supposed to last week, as it took up the slack on the turbulent fortunes of both the dollar and the euro, robustly trading in the $960s/oz. Since then a significant trendline has been broken, yesterday gold dropped into $930/oz territory. It has pushed up since but may be in a tight range between $920/oz and $940/oz over the next few sessions.


Although a further drop to $905/oz may be possible, if strong support is found at $920/oz this would be a strong signal that gold is about to push back up to $1000/oz and the possibility of record levels thereafter. Gold is currently trading at $938/oz.

Silver
Silver briefly dropped below $14/oz in early trading before regaining some ground and is currently trading at $14.13/oz.

Platinum group metals
Platinum slipped significantly yesterday and represented a good buy in level as over 400kg were traded on the Shanghai Gold Exchange. It is currently trading at $1,231/oz. Palladium is $271/oz and rhodium is $1,600/$1,700/oz.

Bullion Services Team

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