XAU Trading Outlook
Oil & Gold (XAU) the banking concerns helped Gold surge back to all-time highs above $1800 and then onto $1828 an ounce. Crude Oil crashed with stocks back to $80 a barrel.
Oil & Gold (XAU) Gold is grinding higher as investment demand overwhelmed profit takers. It has been the perfect environment for the precious metal lately with a weak USD and sovereign debt crisis. Crude Oil surged higher but found resistance at $89 and pulled back to the familiar $87 level.
Oil & Gold (XAU) Gold remained supported as an alternative to both the Euro and the USD. $1800 is the target for the bulls in the short term. Crude Oil remained supported on dips to close above $87 a barrel.
Oil & Gold (XAU) Investors flooded back to the precious metal as the profit taking subsided and closed above $1760. Crude broke back above $87 a barrel in strong trade with topside now in view.
Oil & Gold (XAU) Gold continued to pull back for a second day with sovereign debt fears subsiding. Crude was volatile surging above $87 before falling back to the key $85 level.
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