Commodity Gold Outlook For 11 March

In commodity market for yellow precious metal we witnessed yet another historical event when this yellow precious metal prices traded to a new record high in commodity MCX and NCDEX.  Now by breaking the former record of $1434, commodity gold traded to an intraday high of $1445. The safe-haven demand is being spurred by higher oil prices due to the continued unrest in the MENA Region. Also showing oil over a $100 a barrel, investors are scared to death of inflation. They're looking for a safe place to park some of their assets. Gold and silver are very attractive to those who do not want a risk from commodity market. Gold is continuous uptrend channel since Oct 2008 and is likely to touch $1600 in 2011, if the support $1350 does not breaks. Near-term support is $1420 and resistance is $1500.