Thursday, May 28, 2009

Today in Gold: Thursday, May 28

Each weekday, Cash4Gold will troll through the web's gold banter and post some of the bigger or more interesting stories. Following is a run-down of today's features:

"PRECIOUS METALS: Fund Buying, Euro, Oil Push NY Gold Higher"
Author: Matt Whittaker

Main Points: Gold finished up $8 to settle at $963.20 an ounce today. Reasons for the increase included rallies in the Euro and crude oil as well as fund buying.

The Wall Street Journal cited Pat Donnelly, senior broker with Peak Trading Group, as saying that we could soon be "off to the races," and that there is no resistance between $965 and $1,000.

Analysis: After weeks of uneasiness, experts are now bullish on gold, expecting a clear path to $1,000 an ounce and beyond. The momentum is certainly there. Watch this trend closely.

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