-- Posted Wednesday, 1 April 2009 | Digg This Article | Source: GoldSeek.com

June Gold:  Open= 920.0   High=933.9   Low=918.6   Last= 925.0   +5.0

Gold prices traded rather quietly during the regular hours of the market after failing to hold highs made overnight.  A lot of news was focused on the build-up to the Group of 20 summit that starts Thursday in London.  The currency markets remained little changed ahead of what could be a tension filled meeting of world leaders.

Outside influences did not appear to have much impact on gold today.  Energy prices were in the red and stayed there in the face of a bearish weekly supply report.  Many other commodities markets also were negative but gold managed to tread water and inch higher, keeping the positive technical outlook alive for another day.  Its doubtful gold will make a large move until comments and dialogue begin at the G20 meeting.  The leading voice of the group may be that of the Chinese, the nation with stash of cold hard cash.  Much importance will be placed on China’s positions, the relationship between the US/England and Germany, and what tone is carried out of the conference.  Will it end in bitterness, or with Sarkozy walking out? Or will real ideas be hammered out and confidence is built it? 

All of this will be key to the near term direction of the dollar, which sits once again along the four-month old trend-line.  Prices have held up well over the past six weeks, all things considered, but bulls may need a fresh catalyst to propel the market higher and certainly the next two days could provide such a source.

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-- Posted Wednesday, 1 April 2009 | Digg This Article | Source: GoldSeek.com

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