Despite the market looking overbought at the moment, the second anniversary of Sept 11th and the pending renewal of the Washington Gold Agreement are likely to underpin the metal whilst the recent rise in investor interest has been behind gold's recent gains,
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Short-term the outlook for gold remains mixed with traders closely monitoring the movements in the currencies and oil as well as the newswires, while concerns about inflation and geo-political uncertainties continue to support a more bullish mid to long-term view.
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The combination of early closes, thin volumes and end-of-year book squaring are set to keep volatility high, but with gold set to close above 500oz, the prospects of further gains in 2006 are looking very strong indeed.
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Gold is looking set for more sideways trade.
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Conditions are set to remain volatile in silver for some time to come as traders await the SEC's decision on Barclay's ETF application.
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The correction looks set to continue over the course of the week, offering not only physical players but investors a good buying opportunity before marching on to the 600 level later in the year.
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