Tuesday, January 19, 2010

Gold Holds Steady At $1,130 On Martin Luther King Day

Gold prices held steady around $1,130 per ounce on Monday, with the topside limited by firmness in the dollar, as the closure of New York markets for Martin Luther King Day kept many investors on the sidelines. 'There is a good deal of anxiety over the upcoming reporting season where the fear is that the hurdle rate is set too high and that corporates won't be able to produce top line growth,' said Mislav Matejka, European equity strategist at JPMorgan. 'However, we think that it would be wrong to write it off.' Metal prices firmed on Monday on strong Chinese demand hopes and on a weaker dollar, lifting mining shares and European equities, while the euro hit a four-month low against a broadly firmer pound. Gold is trading at $1,131 as of 20:58pm, GMT, with a bearish trend. Gold's Pool-Position is 23% Long, meaning that most Finotec clients are selling the precious metal.

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