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Follow on Google News | Palatine Financial Reports on State of Gold, Copper, and OilGold makes a slight gain despite investor’s inactivity as they awaited European bank stress tests, while copper continues on its slow but upward path, and oil climbs to almost $80 a barrel as Eastern U.S. coastlines face strong storm season.
By: Jason Mancini Oil; which after U.S. corporate earnings was reported to have reached a two-month high, remained strong as investors saw risk in the market diminish slightly, and potential of a brutal Atlantic hurricane season to increase the chance of product disruptions to oil and gas markets. With sturdy equity markets globally and the euro marking extended gains today delivery for US crude in September has risen nearly 30 cents. “Oil prices will continue to be driven by macroeconomic sentiments in the short-term, as investors keep their focus on the pace, and extent of a slowdown in the Chinese economy” said analyst John Ferranti of Palatine Financial. “Investors will also put a large emphasis on the state of the U.S. economy amidst their own economic recovery situation.” Palatine Analysts’ have suggested monitoring the market’s upward trend, and staying alert to strong lower band support. The short term sentiment from investors have continues to fuel the bullish market, thus creating a great place for investors to buy on dips. Sidelined by the outcome of European banks stress tests many investors who may typically trade gold missed a great chance at capitalizing from the mineral’s movement. After few surprises and a failure to allow investors security in a safe buy, the stress tests essentially revealed little; however Spot gold still jumped 3.10% to $1,192.80 an ounce, after seeing a very volatile session Friday, when it shortly went over $1,200 before falling back down. “Spot gold fell sharply after testing its crucial resistance of $1,204, and made an intraday low of $1,183.3 just before closing bell where it finished at $1,189” said analyst for Palatine Financial Scott Frestic. “I anticipate the gold market to remain fairly steady and safe as different factors that control the share price are influencing it in positive ways, this trend could change but I see the spot price staying near $1,200 by the close of this week.” While copper futures may not have the same allure and market volume as oil and gold, they have not by any means been something to disown entirely. Copper prices are trading in a narrow range with positive bias, despite China’s real estate setbacks which threatened large copper purchases; it has remained above $300. Prices are expected to continue their run upwards. However, a small bout of profit booking can be unaccounted” Analyst Scott Frestic joined in his colleague’s sentiment in saying that “after last week’s euro zone bank test results revealed no surprises copper prices will remain strong on renewed confidence that the global economic recovery is now starting to see positive gains.” For more information, please contact Jason Mancini at +39 06 9926 6524 or visit http://www.palatinefinancial.com # # # As a full service wealth management and financial services group, Palatine Financial is dedicated to providing individualized services that comprehensively meet all of our clients’ needs. End
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