Them's Warnin' Words

By Jon Nadler
03 August 2009 @ 08:43 am EDT

Friday's insta-rally turned oversold conditions in the gold market to overbought ones in a matter of a few hours. The new week's start displayed some of the factors that brought gold right back up to the $960s resistance area, as still at play. Chief among them, the $71-plus price tag that is still attached to a barrel of crude oil. A rise in Chinese factory output to levels not seen in about one year, coupled with similar findings last week in the US,is clearly encouraging speculation in the commodities complex, and is helping gold get back to values last seen on June 11.

IBTimes Commodity Commentaries

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