Ferris Kwok

Bullion market overview


Bullion market overview

London gold closed at USD $1,093.6 and London silver closed at USD $14.81.


Gold price was moving in a tight range before the start of mid Asian hours on last Friday.  It rallied to as high as $1,097 level in early European session.  It turned weak from there and fell to $1,082 area.  Gold price rebounded to $1,099 level after the release of non-farm payrolls figure result but stalled there.  Gold closed at $1,093 area finally.


Gold price followed the movement of EURO vs. USD in general.  Moreover, the declined non-farm payrolls figure weakened the worry of immediate rate hike action; buying sentiment was boosted and lifted gold price to $1,099 level.


However, oil price fell after the European session began; gold price was dragged down and failed to break the barrier of $1,100 area.


Although the latest non-farm payrolls result is unsatisfactory, there is not further evidence to diminish the rate hike worry totally.  Gold price should fail to turn strong from weak.


Gold should be moving between the ranges of $1,078 to $1,100 in short term.  It will test the supporting strength of $1,078 area to $1,086 level whilst accumulating strength arouse by rising risk taking sentiment.


Gold price projection:          Long at $1,078, take profit at $1,100, stop loss at $1,071


Silver price projection:         Long at $14.59, take profit at $15.16, stop loss at $14.45


(The above displayed are just writers’ own opinions and for readers’ reference only. Financial markets are volatile and please be careful of the risks.)NOTICE

Investment involves risk. It is as likely that losses will be incurred rather than profits made as a result of buying and selling investment and financial products. Before investment, you should be aware of all the risks involved and carefully consider your investment objectives, trading experience, and level of risk acceptance. If you have any question, please seek advice from an independent professional advisor.

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