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Alert-12:43 (Est) ACM Precious Metals Analysis: Gold Bulls Persevere as prices Continue to Rise
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The gold rush carries on, as Traders continue to take long positions driving prices higher. Inflationary fears are acting as a strong supporting factor of the precious metal trading at current levels. Gold 1M forward contracts point to further upside with interim resistance at medium-term resistance at $950oz. Our theory suggesting that gold would benefit in an environment of greater risk aversion or heightened risk appetite stands, as investors would hold this instrument as a tool against inflation and an alternative to govt. securities if markets pull back. As commodities continue to rally on the back of a weaker dollar, gold should follow suit with the possibility of breaking new highs towards the end of 2009. ETF flows remain strong, and institutional buyers express a mild bullishness regarding price expectations.
Support: 928.68 Current: 938.22 Resistance: 944.14
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ACM Advanced Currency Markets SA (hereinafter referred as ACM) is a professional financial intermediary, directly regulated by the Swiss Federal Department of Finance, Anti Money Laundering Control Authority. As forex specialist, ACM provides only currency and precious metals trading via highly professional forex trading software. All customers are aware that this information or any part thereof has been prepared without taking account of your objectives, financial situation and/or needs. This information is not intended as personalized investment advice and does not constitute a recommendation. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. The analysis is based on the information which ACM finds reliable and accurate, but ACM does not assume any responsibility for any material nor for the transactions made on the basis of the information or the estimates of the analysis. ACM cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct, indirect and/or consequential loss arising from any use of this information, document or its content. All opinions and estimates constitute ACM analysis as of the data and are subject to change without notice. ACM does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions. Past performance is not a reliable indicator of future performance.
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