Gold Tight Trading Amidst Swine Flu Pandemic Fears

By: GoldCore

Gold continues to trade between $932/oz and $939/oz as it has done since Wednesday. The precious metals market may take direction from US corporate results today. Despite the ramifications of a possible bankruptcy by CIT Group, the commercial lender, US stocks closed near their highs for the year following a late rally.

Gold touched $907/oz on Monday and from oversold levels earlier in the week has rallied strongly. Markets remain sanguine of the increasing risks posed by swine flu to the global economy. A respected think-tank in the UK says that GDP could fall 5% as a result of the outbreak. UK finance experts have estimated that world GDP could be cut by around £1.8trillion in six months of pandemic or 3.5% of 2009 global GDP. Gold’s outlook remains positive with $955 now a target. Short term support and resistance still remains at $932 and $942 respectively with wider support and resistance at $924 and $954.

Silver
Similar story for silver which continues to track gold in its usual leveraged manner. Currently trading at $13.21, with support and resistance at $13.01 and $13.40 respectively.

PGM’s
Platinum trading at $1,167 and Rhodium at $1,430.

Bullion Services Team

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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