Gold prices are likely to remain at high levels
Vijay Valisha, chief financial officer of market analyst at Century Financial, commented on market developments that both WTI and Brent fell in yesterday’s session as markets became increasingly cautious on the back of a mixed picture from yesterday’s economic data. While data including foreign direct investment, retail sales and IP recorded higher than expected figures, the puzzling thing for economists is the fact that China’s GDP in the second quarter has fallen to its lowest level since the beginning of the 1992 data series.China’s statistical office has reiterated that downward pressure is likely to continue in the second half of this year. Technically, WTI reached support near 59.10 with immediate resistance near the 60.40 area. Brent trading on the other hand in a restricted trading range on the 4 hour chart is trapped between the 66.10 – 67.30 area. With the start of the US earnings season, although the market’s appetite is to see signs of stabilizing big corporate expectations by the end of the year. However, this is contrary to forecasts of stagnation in profits, as most economists see.
Petequin recorded a strong recovery in yesterday’s sessions as prices rose by more than 10%. This comes in the wake of its rebound from critical support seen near 9850. The overall momentum in the encryption area is positive as the top 10 currencies traded in a range from +0.50 to +85.75 in the last 24 hours. The Biosafety Clearing-House also shows the highest gains, with the encryption of critical support near area 270. In his press release, US Treasury Secretary Munchin reported that the “balance on Facebook” has a lot of work to do before the project becomes a knot for all owners Government interest in the United States.
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