The firm start in the US might be the catalyst needed for a test of 575oz, particularly with the IAEA due to reach its verdict on Iran which could mean sanctions and would not only heighten tension in the Middle East, but could create inflation concerns if oil output was curbed.
More Quotes from James Moore:
Gold has found follow through buying in the post-COMEX and Asian sessions which has led it to a fresh 25-year high of 570.50oz and in the current climate of inflationary concerns due to rising energy costs and geo-political uncertainties, particularly in the Middle-East, gold looks set to continue higher, targeting 575oz and potentially 600oz in the short-to medium term.James Moore
Year-end window dressing and physical (non-investment) demand from Asia ahead of the Lunar New Year look set to keep gold underpinned.
James Moore
Platinum should continue to find support ahead of 940oz with the metals supply deficit and strong industrial demand continuing to provide strong support while palladium is currently finding support at 240oz with strong chart support pegged at 220oz.
James Moore
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.
James Moore
Gold has failed to match the lofty highs of 451.50 seen during Asian overnight trade, drifting back under the 450 level in European trade as players monitored the movements in the currencies.
James Moore
The market for gold is very thin and gold is higher on a bit of buying. Gold could test 518oz or maybe 525oz today. The range for the rest of today, for gold, is likely to be between 518oz to 525oz. Despite the risk of a downwards correction, similar to that seen at the start of 2005, the outlook for the precious complex remains very upbeat with the combination of positive supply and demand fundamentals, good physical and growing investor demand set to push the metal beyond the 541oz high seen in early December and continue the bull-trend across the year.
James Moore
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