MF Global Daily Report: Precious Metals (Sept. 14, 2011)

Sept. 14 (MF Global) -- Price Outlook

The gold market is still expected to hold in its mixed-to-lower direction in the near-term, with prices reaching $1,750/oz over the next week or so. The market will find pressure from improved action in the stock market, reduced likelihood for passage of Pres Obama’s jobs program, and from technical factors. The opposite argument will see support from weakness in economic data and the likelihood that economic weakness will persist. We favor trading gold as a negative affair.