Fundamental Analysis: Gold, Crude Oil, Natural Gas

2011-5-17

With the start of a new week for the metal, gold is expected to star the week with volatility and pressured by the dollar amid renewed focus on Europe.

The start of the week will be concentrated on Brussels and the developments with the debt crisis as the EU finance ministers discuss the available options to salvage Greece and bolster confidence once again in the euro area’s stability.

Last week gold attempted to recover some of the losses after the heavy selloff the previous week that remained evident also the week that just passed. On Friday the market was supported with strong European growth figures that eased slightly the worries over the recovery weakening the dollar and pushing commodities higher.

Inflation reported on Friday as well from the United States confirmed the stable state of price pressures, which remain anchored within comfortable areas and beyond any reason to support gold.

The metal is moving with its peer base commodities rather than lead the rally as a safe haven. We see the uncertainty high for the week ahead with the debt crisis back into focus and the dollar’s trend will remain the main factor to determine whether gold will regain its appeal as a haven asset or still be under heavy liquidation to cover other losses across the market.

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