National Australia Bank Ltd, Australia biggest bank, set aside A$830 million ($795 million) for possible losses on credit investments after the U.S. mortgage market collapse eroded their value. This is positive for precious metals and negative for equities. The dust of the collapsed US mortgage market was settling down and now suddenly we get news from Australia. This will make investors jittery on stocks and move them towards increasing their investments in safe haven assets.
Hong Kong’s first exchange-traded fund to track the price of gold has been launched to take advantage of interest in the precious metal as its price remains close to record highs and investors in Asia look for ways to hedge against inflation. More and more gold ETF’s are being launched with the passing of each month. The companies which are launching it know that gold as an investment is no where near its potential. But intra day volatility in gold prices with test the instincts of day traders.
COPPER -- SEPTEMBER FUTURE -- INTRA DAY PIVOT: $354.0
200 day MA around $354 is the key support. Resistance is at 100 day MA around $378. fall below $354 will result in $347 and $339.
HAPPY PROFITABLE TRADING
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-- Posted Friday, 25 July 2008 | Digg This Article | Source: GoldSeek.com
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