GOLD STEADY IN VOLATILE TRADING

by Goldline.com | June 30, 2010

Gold is up as of 11:44 a.m. EST on the New York Spot Market. A stabilizing stock market had eased some investor anxiety; however, a weak U.S. jobs report is rekindling concerns about the economic recovery.

Stocks are up on the New York Stock Exchange as of 11:44 a.m. EST, although the weaker-than-expected jobs report from ADP has dampened some of the momentum seen in early trading Wednesday. The report showed the U.S. economy gained 13,000 jobs in June, which was significantly less than the 61,000 increase forecast from economists surveyed by Briefing.com. A key employment report from the U.S. Government is due Friday. "After the battering markets have taken recently, it looks like we're headed for quiet trading ahead of the key employment numbers on Friday,” said David Jones, chief market strategist at IG Markets. (CNN Money, 6/30)

Gold may extend this year’s advance and rise to $1,385 an ounce, according to a technical analysis by Barclays Capital. In a report from June 28, analyst MacNeil Curry told investors, "We maintain our bullish bias for a move through the bull-market highs. We look for a push towards $1,385, 20-month channel resistance, as speculators begin to rebuild their long positions,” he said. (Bloomberg, 6/30)

†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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