Barclays Capital
Barclays Capital
Barclays Investment Bankis the investment banking division of the British multinational Barclays bank headquartered in London. It provides advisory, financing and risk management services to large companies, institutions and government clients. It is a primary dealer in U.S. Treasury securities and various European Government bonds...
appear deeply next problems rooted solving start unlikely whatever
Italy's problems appear so deeply rooted that the next government, whatever its complexion, is unlikely to do little more than make a start at solving them.
appears bullish continue downside limited near prices range remains sentiment though underlying wide
Prices should continue to consolidate in the wide range of $535-$555 in the near term, though the underlying sentiment remains bullish and downside appears limited at present.
appear continues environment favorable market overall
The market continues to appear well-supported and we see the overall macroeconomic and geopolitical environment as favorable for gold.
aggressive conflict discourage eventual help resolution selling
Uncertainty over the eventual resolution of this conflict would help discourage aggressive selling interest.
cautionary clear conflict high length major microscope move side
Under the microscope it is clear that an important watershed is approaching. The short-term downtrend is about to come into conflict with the medium-term uptrend. Typically we would side with the longer-term move but the length of the downtrend from the high is a major cautionary note.
above driven mostly move recent
The recent move above $1,000 is mostly driven by speculative buying.
concerns expect inflation investor light near oil positive rally recent rising sentiment supported supportive
Much of gold's recent rally has been supported by positive investor sentiment in light of rising oil prices, inflation concerns and geopolitical volatility, and we do not expect these supportive macro-factors to dissipate in the near term.
buying help levels physical price provide unclear
Physical buying could help provide some support, but it is still unclear at which price levels they would re-emerge in significant quantities.
damage energy gas hurricane natural recent
Recent hurricane damage in the U.S. has impacted natural gas more than any other energy market.
beyond crisis energy hurricane impact katrina major markets produce pushed talk
It is now appropriate to talk of a major energy crisis after Hurricane Katrina pushed U.S. energy markets beyond the edge. The impact of Katrina has been to produce a significant discontinuity.
conditions general market nervous next price remain
Market conditions will remain nervous and there is a general sense of uncertainty over the next big price move.
case delta exports falling nigerian oil potential production thanks threat
OPEC production is falling in any case thanks to Nigerian losses, and the threat from Niger Delta militants to oil exports has the potential to get even more serious.
given group interest positive price renewed risks sentiment
Given the renewed interest in commodities and positive sentiment in gold, price risks for the (platinum group metals) are still very much on the upside, in our view.
apparent further given interest lack overall positive room sentiment short
Given the overall positive sentiment and an apparent lack of interest to short the marker aggressively, we see further room on the upside.