Gold price threatened Overbought

The gold price threatened to buy the excess condition (overbought) and hence, potentially weakening to below the level of U.S. $ 1,159 per ounce. In early trading this week gold corrected from the highest level in five months.

Gold price correction on the trade earlier this week sparked speculation would end the debt crisis in Europe, so that the global economic recovery will come back to continue. Investors return to buy assets yielding higher and gold as an act of removing refuge from market risk (safe haven).

Gold for immediate delivery fell 1% to U.S. $ 1,196.10 per ounce, before trading at the level of U.S. $ 1,197 in Singapore. Prices had climbed to the level of U.S. $ 1,213.07 on May 7 trading, its highest level since December 3, 2009, after stocks in Europe and the U.S. cut off because of fears of debt crisis in Greece.

"Concerns of the condition of the market started to slow down in Europe, so people come back off the gold. The price of gold has gone up too fast so far, so the people currently doing profit-taking," said Yu Kyung Kyu, Eugene Investment & Futures trader co. in Seoul, as quoted by Bloomberg.

The leaders of the European Union and the International Monetary Fund (IMF) has announced the disbursement of aid funds to address the debt crisis that hit several countries in the region amounted to 750 billion euros (U.S. $ 969 billion).

This makes the euro single currency rose to a level of 1.2948 per U.S. dollar after the Asian markets had traded as low dilevel the 14th last month at the level of 1.2520 last week.

Asian stock markets rose 1.5%, ending a five-day correction and the U.S. dollar weakened 1.1% against six currencies.

The price of gold has climbed 9.2% this year triggered the escalation of the financial turmoil in Europe, increasing demand for gold for a safe asset, including the U.S. dollar.

The commodities analyst said at the weekend the price of gold rose to its highest level at U.S. $ 1213.40 new, but still within the range above the level of U.S. $ 1,200.

"It seems that gold is being threatened by the current overbought conditions. If gold can penetrate to the level of U.S. $ 1192.10 [highest May 4], gold prices tend to fall below the level of U.S. $ 1,159.80 and potentially weakening test level of U.S. $ 1,143.40 back," said Rev. .

However, he added, as long as gold prices failed to penetrate the high level of U.S. $ 1192.10, still within the medium-term bullish phase and the strong survive at the top level of U.S. $ 1,200 and U.S. $ 1196.30 per ounce.

Emirates scored 1.1 Billion Dollar Profit

Emirates Group, which consists of the airline Emirates, Dnata, and its subsidiaries, posted a net profit of 1.1 billion U.S. dollars in the 2009-31 financial year March 31 March 2010. Profit increased by 248 percent, compared to earnings the previous year.

"Last year was a year with a profit rate that is sustainable, even though the world is in recession. This is the result of adapting the spirit in bad condition," said Emirates Chairman Group, Your Highness Sheik Ahmed bin Saeed Al Maktoum.

Sheik Ahmed said Emirates' growth because of competition not because of protectionism. And the key to success in 2009 was the effective transfer of staff, ability to retain talented employees, and unpaid leave programs voluntarily.

Revenue from airline Emirates for example, only remained stable at 11.8 billion, up 0.4 percent from a year earlier, but the Emirates' profits, up 416 percent to 964 million U.S. dollars.

That's because Emirates airline total operating costs down 2.7 percent over the previous year. And, the decline in fuel costs in the years 2009-2010 amounted to 691 million U.S. dollars.

Last year, Emirates' fleet is also added with 15 new aircraft, four Airbus A380s, 10 Boeing 777-300ER and one Boeing 777-200 LR aircraft cargo. So that at the end of the financial year, Emirates' fleet reached 142 aircraft, includes four freighters.