Commodities | Nov 10 2011
In addition to this, it appears that a focus may shift from the EU to the Middle East as the International Atomic Energy Agency (IAEA) is due to report on its findings for Iranian nuclear, or hopefully lack of nuclear, program. So far Israel has weighed in to the argument and if the report shows that Iran is processing nuclear fuels capable of producing nuclear arms then they are looking for an excuse for military intervention. This would be a last resort over trade sanctions however it is one that cannot be discounted.
We are remaining bullish the metal.
Chart point:
Technically, the Gold market goes from strength to strength. It has just broken through resistance at US 1770 and traded to US 1800. As long as US 1770 remains uncompromised we can expect momentum will keep it well bid. The next hurdle is US 1800. If you are still long, stops can go in at US 1750. We are riding with the trade, however stops are in.
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