Daily Commodity Report by www.epicresearch.co – 21 August 2012
HEADLINE
Bullish bets on gold jump as growth slows down:
Gold today advanced after European Central Bank President Mario Draghi said the ECB will do whatever is needed to preserve the euro. Gold rose 0.7 per cent to $1,624.10 an ounce. The precious metal traded in euros yesterday and climbed to 1,325.60 euros ($1,620.55) an ounce, the highest level since February 29.
Platinum hits two-month high on supply worries, S Africa :
prices rose to a two-month high on Monday, as supply worries due to a work stoppage after deadly violence at a South African mine triggered heavy buying. Spot platinum was up 1.5 per cent at $1,486.99 an ounce, having earlier set a high of $1,490.49 an ounce, which marked the loftiest price since June 18.
Oil stays above $96 per barrel on consumer confidence:
Oil prices rose for a fifth straight day of gains Monday, on the back of rising consumer confidence in the U.S. economy. Brent crude rose 67 cents to $114.38 on the ICE Futures exchange in London.
ANALYSIS
DAILY MCX GOLD CHART
OPEN: 30158
HIGH: 30220
LOW: 30121
CLOSE: 30184
• GOLD LOOKS UPWARDS
• TREND: BULLISH
• STRATEGY: BUY ON DIPS
DAILY MCX SILVER CHART
OPEN: 53646
HIGH: 54405
LOW: 53420
CLOSE: 54413
• SILVER LOOKS UPWARDS
• TREND: BULLISH
• STRATEGY: BUY ON DIPS
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