STI in MACD bearish crossover . more ownside possible or sideways trading for the next few days or weeks.
This coming trading week, there is nothing much...except bad news, alot of back news from Wall Street. like this one...
The mortgage morass has unleashed a restructuring wave on Wall Street as banks attempt to clean house. A look at some of the major moves. By Grace Wong, CNNMoney.com staff writer
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Be mindful, have profit, take some and compensate for losses from other traded stocks. Be prepare for volatile trading....YA!!!
02-11-2007 14:51:32
UPDATE 2-Gold regains strength, takes aim at $800 an ounce
(Updates with closing in Tokyo) By Lewa Pardomuan SINGAPORE, Nov 2 (Reuters) - Gold bounced on Friday as bargain hunters resurfaced after price declines the previous day, with the metal on track to breaching the psychological level of $800 due to high oil prices and a struggling U.S.
dollar.
Spot gold
rose to $789.90/789.60 an ounce from $788.90/789.70 an ounce late in New York on Thursday, when it dropped nearly $3 after crude oil fell from its record high and the dollar recovered slightly against major currencies.
Gold also attracted safe-haven buying as Asian stocks fell more than 2 percent, led by financial shares after broker downgrades of U.S. banking giant Citigroup
triggered worries about further fallouts from credit market problems.
"I wouldn't be surprised if it went through $800," said David Moore, a commodity strategist at the Commonwealth Bank of Australia.
"I still think in the longer run it probably won't sustain those levels but in the near term, I think that's quite possible. The gold price has been higher than I thought it would be." Speculative buying had pushed up gold to $799.30 on Thursday, its highest since January 1980, when it hit an all-time high of $850 an ounce, before profit taking dragged down the price to as low as $784.10.
"A terminally ill looking U.S. dollar, geopolitical tensions and the onset of increased demand ahead of the northern hemisphere winter are all supportive for oil," said Investec Australia in a daily report.
"While for gold, the risk of inflation can also be added to the melting pot. Volatility will continue to be the dominant feature of both markets," it said.
Gold often tracks crude oil because of its role as a hedge against inflation. A weaker dollar also makes dollar-priced gold cheaper for holders of other currencies.
U.S. oil
for the December contract rose 9 cents to $93.58 a barrel on Friday, having fallen by $1.04 a barrel after striking an all-time high of $96.24 a barrel the previous day.
After adjusting for inflation, gold's record high of $850 is equal to $2,079 an ounce at 2006 prices, according to metals consultancy GFMS. Prices have jumped 25 percent since the latest rally began in mid-August.
Philip Klapwijk, chairman of GFMS, said inflation worries and a weak dollar were likely to push gold towards $850 in the first half of next year. [ID:nSEO262094] The key August 2008 gold contract on the Tokyo Commodity Exchange <0#JAU:> ended 46 yen per gram lower at 2,937 yen.
The dollar was flat at 114.61 yen
and edged up at $1.14436
. The single currency topped $1.45 on Wednesday for the first time since its launch in 1999, logging a record high of $1.4508 on trading platform EBS.
Trading was muted as investors awaited U.S. employment figures due at 1230 GMT that could offer clues on what the Federal Reserve will do at its next policy meeting in December.
The Fed earlier this week cut interest rates by 25 basis points to 4.5 percent but moderated expectations for further rate cuts by saying inflation risks were equal to the possibility of slower growth.
Tokyo's Nikkei average <.N225> ended 2.1 percent lower, while MSCI's measure of other Asia Pacific stocks <.MIAPJ0000PUS> shed 2.4 percent.
"I still think we are in an upward trend momentum," said William Kwan, a dealer at Phillip Futures Pte Ltd in Singapore.
"Where will we be heading? Firstly, of course we will break out of $800. Once it's taken out, a lot of stops will be triggered. They will conquer a lot of short sellers," he said.
COMEX futures inched down in Asia, with the most active December contract
down $1.7 at $792.0 an ounce from the New York settlement. Gold futures breached the $800 level, touching $802.50 in afternoon electronic trading on Wednesday, after the Fed cut rates.
In mining news, AngloGold Ashanti Ltd
, the world's third-biggest gold producer, said it was reviewing its operations with a view to disposing of assets that do not add value, and might also lighten its hedge book. [ID:nL01373562] The chief executive of the world's No. 1 gold producer, Barrick Gold Corp
, said he was still bullish on gold, pointing to pinched supply, the weak-U.S. dollar and rising inflation as factors favouring gold. [ID:nN01446026] Platinum
fell to $1,434/1,439 an ounce from $1,444/1,449 in New York. Palladium
fell to $368/372 from $369/373 an ounce.
Silver
dipped to $14.10/14.15 an ounce from $14.15/14.20 an ounce.
Precious metals prices at 0646 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 788.10 1.10 +0.14 23.97 Spot Silver 14.10 0.00 +0.00 9.73 Spot Platinum 1434.00 -10.00 -0.69 26.68 Spot Palladium 368.00 0.00 +0.00 10.84 TOCOM Gold 2937.00 -46.00 -1.54 20.12 105036 TOCOM Platinum 5162.00 -98.00 -1.86 21.34 42663 TOCOM Silver 523.30 -17.40 -3.22 6.08 2957 TOCOM Palladium 1377.00 -24.00 -1.71 9.72 419 Euro/Dollar 1.4432 Dollar/Yen 114.57 TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce.
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