A weak dollar has been the key supportive theme recently, while the surrounding geopolitical backdrop is adding to the support.
More Quotes from Yingxi Yu:
The strong price action and impressive technical trends in various currencies suggest prices should remain elevated in 2006.Yingxi Yu
Any price dip has been quite well supported by fund buying, and aggressive selling has been discouraged. The positive sentiment remains very strong and people are looking for further price gains.
Yingxi Yu
Price dynamics in gold next year will continue to be largely determined by speculative interest, backed by a myriad of justifications like inflationary risks, energy-price led economic slowdown, expectations of a US dollar correction, soaring physical demand, supply-side constraints, hopes of large scale central bank buying and so on.
Yingxi Yu
The market has been rising without any major correction since late last year. This sort of correction was largely anticipated and it could be taken by some as a healthy feature to the market.
Yingxi Yu
The weaker (gold-dollar) correlation late last year and early this year was due to the overwhelming enthusiasm among the speculative community to drive prices higher.
Yingxi Yu
Technical trends are looking very strong and people find it very risky to go short right now. I think that's why the rally has been continuing.
Yingxi Yu
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