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MF Global Daily Report: Base Metals (Sept. 13, 2011)
Sep 13, 2011 10:10The gold market is expected to hold its downward bias in the near-term, with prices reaching the $1,750/oz level over then next week or so.
Sept. 13 (MF Global) -- Price Outlook
The gold market is expected to hold its downward bias in the near-term, with prices reaching the $1,750/oz level over then next week or so. Pressure will be applied by a breakdown in the Eurozone, a relatively firm trade in the U.S. stock market, and by technical factors. Opposing support could come from weakness in employment data and signs that economic weakness will persist. We favor trading the gold market as a negative affair.
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