Comments: Gold has pierced the $600 barrier where it had been previously repeatedly rejected and is now seriously flirting with a break of the downtrend line. BUT, with the HUI up only 1.71% about an hour into trade, this breakout can't be yet deemed to be convincing. Volume is coming in at a decent pace so far.
Consumer spending rose an anemic 0.1% in September and Wal-Mart Stores Inc. gave a lackluster sales report. Generally, I'd say these news items are bullish for Gold, but they could also again raise the issue of possibly weaker than hoped seasonal jewelry demand going into the Christmas shopping season, similar to the issue that plagued Gold in September.
Meanwhile, the U.S. death toll in Iraq reaches 100 in October.
No comments:
Post a Comment