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CPM Group Views on Gold
Gold prices are expected to move between $1,700 and $1,760 this week. If prices settle below $1,720 they could decline toward $1,700. Several market moving U.S. eco-nomic releases are expected this week. Market expectations suggest that the employment report, ISM manufacturing index, and consumer confidence, could prove to be posi-tive for the U.S. dollar. Lower than consensus readings of these eco-nomic releases could be treated as additional reasons for the U.S. Fed to provide further monetary easing, which would weigh on the dollar and push gold prices higher. There was healthy physical demand from China last week, during the week-long Chi-nese Lunar New Year celebrations. This demand should slow now, with the New Year celebrations, a major time for gold buying, now behind us. Combined gold ETP holdings stood at 78.2 million ounces on 27 January, up 467,000 ounces from the previous week and up 638,000 ounces for the year.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
