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Morning Snapshot

Oct 11th, 2011 09:43 by News

11-Oct (USAGOLD) — Gold remains generally contained within the recent range. While chart/Fibonacci resistance at 1678.42/1681.68 was slightly exceeded, the yellow metal continues to move with the ebb and flow of hope that a real solution to the European debt/banking crisis will be forthcoming. Reports that the troika will likely be releasing the next tranche of bailout funds to Greece lifted the euro and tempered some of gold’s recent safe-haven bid in earlier trading. However, Trichet’s grim acknowledgement of the mounting systemic risks and worries about the impending ESFS vote in Slovakia served to limit the downside.

• Canadian housing starts rose to 205.9 in Sep, above market expectations, vs 191.9k in Aug.
• Bank Indonesia unexpectedly cut the overnight policy rate by 25 bps to a record low 6.50%. Signalling possible broader shift in Asian policy.

Author key: MK - Michael J. Kosares; GC - George Cooper; PG - Peter A. Grant; JK - Jonathan Kosares; RS - Randal Strauss. [see also 12 yrs of Discussion Archives]

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