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Alert-12:17 ACM Precious Metals Analysis: Gold Shines as Investors Duck for Cover
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Gold prices are undeniable, as Traders push the precious metal through previous resistance into a new range. Most of the movement can be attributed to strong fundamental buying, and a universal fear regarding the success of Geithner’s “Rescue Plan.” Equity markets dipped in tandem with overall risk appetite, keeping treasuries overpriced, and propping gold to new levels. It will be a painful and long process for Geithner to engage markets with a plan that is perceived positively. Institutional investors are looking for a facility to purchase assets from bank balance sheets resolving the possibility for trailing losses. There is some physical demand driving gold prices in the jewelry sector, and a new gold coin being circulated in Russia. From a technical perspective, +DMI overwhelms –DMI at 33 vs. 13, a tight range but positive to say the least. As long as the risk aversion trade stays in play, prices should remain resilient in the near-term.
Support: 930.66 Current: 948.17 Resistance: 959.66
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