Fortune Cookie Says: Recovery ? Perphaps. Deflation? Yes.

By Jon Nadler
11 August 2009 @ 09:07 am EDT

Following their worst slide since March, gold prices tried for a day of recovery on Tuesday. Coming to their assistance, were a 0.15 drop in the US dollar index (down to 79.04) and a small gain in crude oil (up to $71.02) against a background of recovering Asian equity markets. The greenback exhibited a bit of pre-Fed jitters, but any posturing by Mr. Bernanke vis-a-vis an eventual rise in interest rates could boost the US currency from current levels. Gold appears capped by the $955 and higher areas, whilst (hopefully) being able to draw buying support in the $935 to $945 zone.

IBTimes Commodity Commentaries

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