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Archiwum newsów - DJ PRECIOUS METALS: NY Gold Pares Gains But Finishes Up Slightly

2007-11-26  
DJ PRECIOUS METALS: NY Gold Pares Gains But Finishes Up Slightly
Gold and silver futures finished higher Monday but gave up much of their
overnight gains on profit-taking, options-related activity and due to a
pullback in crude oil, analysts said.
December gold rose $1.80 to $826.50 an ounce on the Comex division of the
New York Mercantile Exchange. As pit trade was closing, the December
contract at the Chicago Board of Trade was up $4.50 to $826.70.
Comex December silver rose 9.5 cents to $14.83. As it was closing, CBOT
December silver was up 11.7 cents to $14.84. Comex December gold traded
overnight as high as $837.20, its strongest level since Nov. 12. The metal
was helped by the continuing soft tone in the U.S. dollar, said Alaron
Trading analyst Dave Meger and Future Path Trading broker and analyst Frank
Lesh.
The dollar index fell to a record low of 74.484 on Friday and remains not
far above that.
"We made new lows on the dollar on Friday and there has been little if any
bounce," Lesh said. "That continues as an influence in the base metals and
the precious metals."
However, gold could not hang onto its gains due to profit-taking pressure,
Lesh said. At the moment, he said, the sklep wielkopowierzchniowy appears to be one in which
speculators are trading on a short-term basis moreso than buying and holding
gold for the longer term.
Additionally, some selling set in ahead of Tuesday's options expiration,
Meger said. This is not related to any longer-term fundamentals but may be a
short-term phenomenon, he explained.
He also pointed out that crude oil turned lower after initially trading
higher, thus pulling gold back down.
Another key factor for December gold and silver the next few days will be
the looming first-notice day on Friday, Lesh pointed out.
"This will be a week for rolling over," he said. "So you might see things
move up and down here and it will be just part of the rollover activity
rather than any other influence."
Lesh put support for December gold at $812, then $794. He pegged resistance
at $844 and $864.
Meanwhile, January platinum fell $11.90 to $1,468.60 an ounce, while March
palladium declined $2.25 to $364.25 an ounce.
January platinum initially poked as high as $1,490, its strongest level
since the contract high of $1,498.80 from Nov. 7, before pulling back.
"We saw a bout of profit-taking following a long weekend," said a desk
trader.
Previously, he said, the metals were propelled higher by recent weakness in
the U.S. dollar and strength in crude oil.
"But everything turned south, especially gold, which came down quite a bit,"
he said. "Also, there was some talk that maybe some of the supply concerns
coming out of South Africa with small mine closures might have been
overdone. So we saw a bit of profit-taking going on."
Settlements (includes open-outcry and electronic trading):
London PM Gold Fix: $830 versus $815.25 Friday
Spot gold at 1:31 p.m. ET: $826.75, up $2.75 from previous
day; Range: $821.50-$836.95
December gold (GCZ07) $826.50, up $1.80; Range $820-$837.20
December silver (SIZ07) $14.83, up 9.5 cents; Range
$14.585-$15.02
January platinum (PLF08) $1,468.60, down $11.90; Range
$1,465-$1,490
March palladium (PAZ07) $364.25, down $2.25; Range $359.10-
$366
-By Allen Sykora
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