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MF Global Daily Report - 2011/10/12 Precious Metals
Oct 12,2011 09:55CST
industry news
Source:SMM
Precious metals prices are likely to maintain their recent uptrends in the near-term. Gold is expected to reach $1,705 over the next week or two while silver may extend to $34.00.

Oct. 12 (MF Global) -- Price Outlook

Precious metals prices are likely to maintain their recent uptrends in the near-term. Gold is expected to reach $1,705 over the next week or two while silver may extend to $34.00. Focus will remain on daily developments in the Eurozone as well as support from an increase in the COT non-commercial net long and from the return of Chinese buyers in the physical market. The downside will look to pressure from the $1,705 resistance level and from the potential that economic data remains weak. We favor trading precious metals as positive affairs today.
 

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