Gold Set to Stabilise in the $680s
Source: London (Platts) (9/5/07)
Better news coming out of the US is set to support London gold despite increased selling in Asia overnight, according to one European trader.
"We saw a bit of profit-taking yesterday, but we've done the retracement now and I think we're on for a bit of a recovery," said the trader on Wednesday. "I think the price could be heading towards the mid-$680s on Wednesday as the subprime news coming out of the US is much better. So, as long as there's no more surprises today we should be fairly steady."