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Analysts See Steady Gold Bullion Prices Ahead, Find Out Why Directly At

February 10, 2010 – Gold prices dropped early in the trading session today and traded in a tight range, finally falling to $1,071.80, down $6.80 from Tuesday. Some analysts see slow to steady gold bullion prices ahead, as the today’s activity favored options traders. "Shorts were eager to cover," said one Hong Kong bullion dealer after the gold spot price touched $1082.50 an ounce early this morning.

With uncertainty surrounding the plans of the European Union regarding Greece’s problems and the upcoming Chinese New Year, many analysts see a slowing in trading over the next week. "Our short-term view [on Gold Bullion] is bearish," reported today's edition of Commodities Daily from Standard Bank. This sentiment is because the current "strong physical demand" will likely fall away due to the holidays in China and Japan.

With the indications over the previous three days that gold has support for a rally, the next week could be a very important time for investors to increase their holdings. As the EU decides on a plan for Greece and China and Japan on celebrating holidays, gold bullion demand may decrease, initiating a price drop. As resolution comes in Greece and investments pick up the following week, any losses this week could be quickly absorbed.

For gold investors, the next week appears to be a perfect opportunity to buy gold bullion. Most analysts and trading specialists are still optimistic about the prospects for gold in 2010, and picking up gold on a temporary correction could be very profitable should gold begin its anticipated rally in the near future. 

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Jonathan Monroe

Senior Staff Writer -

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