GOLD EYES $1,800 PRIZE; FACTORIES FEEL GLOBAL SLOWDOWN
The commitment by the European Central Bank to keep interest rates low, as well as widespread support for the euro, have Gold reaching for the prized $1,800 mark. “The question is of when rather than if we break out,” said Simon Weeks, ScotiaMocatta’s director of Precious Metals sales.”We've made about three highs in the low $1,790s. It needs to close above this resistance in the low to mid 90s, if we close above there, the next resistance is $1,815.” The next item on the horizon is Friday’s U.S. non-farm payroll report.
August’s United States factory orders marked the biggest fall in three years, an indication that business slowdowns and reduced investment are weighing down economic expansion. Europe’s debt crisis as well as the slowdown in China’s economy is beginning to have a real impact on U.S. factories. “The(se) data indicate(s) that the recent softness in manufacturing activity and capital spending is likely to continue, at least for several more months,” Steven Wood, president of Insight Economics LLC, said in a note to clients.
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1793.40, Up $14.60.
- Silver, $35.03, Up $0.34.
- Platinum, $1,719.80, Up $28.70.
- Palladium, $676.00, Up $17.10.
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