Vitaliy Shevchenko, an analyst company UMIS

Dynamics

Monday quotes on gold closed with a slight decrease after the beginning of the trading day the index rose a dollar. Silver futures have been with additional downward pressure, comes from technical factors.

As a result of trades on the COMEX, division New York Commodity Exchange (New York Mercantile Exchange, NYMEX) gold stood at around 940.70 dollars per troy ounce, while silver closed at around 13.97 dollars per ounce.

Causes

After a sluggish week Gold will start a new with conflicting statements from China. It should be noted that it is the words of Chinese representatives in the past six months have had a major impact on the dollar and led to a surge of interest in gold. Gold futures continued to be traded in the region of 940 dollars a barrel, and they are strongly moved up or down. Silver futures are starting to shift, with traders close their positions on the July futures and moved to the September futures.

What to expect?

This week will test the strength of gold. If the trend towards the strengthening of the dollar seen in the market, the yellow metal again be subjected to correction. A different course of development of the situation strengthen the lower bounds of support and establish the necessary framework for growth. However, the most turbulent events are expected, when will the data on the labor market in America.

What is fear?

negative statistics on imports of the yellow metal in India, which may fall by 44% compared to June 2008, as well as negative changes in reserves of mutual funds, which remain the universal symbol of interest in gold, could not affect the best quotes precious metals.

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