TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and Silver prices were mixed in choppy trade on Tuesday with Gold trading slightly higher at $1,327.80 an ounce after rallying to a near two month high earlier in the day on a batch of weaker than expected economic data as Silver gained $0.07 to $21.10 an ounce while the dollar remained on its heels.
“Some people are moving into safe-haven investments as they are getting mixed signals from the economy,” said George Gero, of RBC Capital Markets in a telephone interview. “The weak dollar is also providing support.” Gold posted back-to-back quarterly advances for the first time in three years on Monday, and begins the third quarter in a stronger technical position.
With Monday’s higher close for the month and quarter, “Gold market bulls have the overall near-term technical advantage and gained fresh upside momentum,” says MKS (Switzerland). Gold bulls will now be looking for a close above $1,331, while bears’ look for a close below solid technical support at $1,300.
In the meantime, Ron Griess of The Chart Store suggests that the bias in technical terms is swinging from bearish/consolidative to bullish. Griess is of the opinion that a triple bottom has formed in the Gold chart and it will be confirmed on a break of the downward sloping trendline close to the 1362.00 an ounce level. With Gold having traded as high as 1333.12 an ounce on Tuesday, that trendline is now likely to be challenged, says Griess.
Meanwhile, there are several factors behind the metal’s recent resurgence, says Phil Flynn, of Price Futures Group, as he points to the geopolitical tensions currently building in the Ukraine-Russia and Iraq crises. “All of that nervousness is driving up prices,” says Flynn. When looking for value in an investment be aware that physical Gold in your possession carries no counterparty risk. In the words of J.P. Morgan himself: “Gold Is Money, Everything Else Is Credit.”
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