Gold Bullion (GOLD)

[CaptWhizbang]

Market Nuggets: Bullish On Gold If Market Can Close Over $1,580/Oz
- Olympus Futures

Friday June 08, 2012 11:44 AM

If Comex August gold prices can close over $1,580 an ounce, Charles Nedoss, senior market strategist at Olympus Futures, says gold prices might trend higher next week. Nedoss says the 20-day moving average lies around that region, specifically at $1,580.50, based on technical-chart analysis. Next week the market will look again at Europe, with the Greek elections a major influence. Although the market did not receive much of a boost from a Chinese rate cut this week, Nedoss says that's ultimately supportive for prices and he sees the Chinese continuing to take efforts to boost their economy. As of 11:33 a.m. EDT, Comex August gold was trading at $1,584.80, down $3.20 for the day.

By Debbie Carlson of Kitco News; [e-mail]

http://www.kitco.com/reports/kitcoNewsMarketNuggets20120608.html