METALS (cont) :
Commodity online and Bloomberg were running a story that the IMF would be planning to buy 2-2.3 billion USD worth of Gold as global risks are rising, which remained though unconfirmed so far. While technical indicators show oversold levels, short term participants still seem to target somewhere around 1525 for Gold. Looking at Gold in Euros, there should be some good support around 1200 Euro per ounce, being the long term, as well as short term trend line support combined with a 50% retracement level of the strong rally witnessed last year from July to September.