A global recession gold alone difficult to support

International spot gold closed yesterday at 805.68 U.S. dollars, the highest 815.1 U.S. dollars, the lowest 772.3 U.S. dollars to close at 783.05 U.S. dollars, down 22.7 U.S. dollars or 2.82 percent, the day after 43 U.S. dollars for the largest amplitude. Economists have said the global economy next year will be lower than the average growth rate of 3%, indicates that the global economy into a recession across the board. U.S. President George W. Bush said the global economy will soon convene summit to invite all members of the G7, as well as China, India and other emerging market countries to discuss global solutions. Last Friday night, the United States announced in September the total number of housing starts in September and construction of the total number of 817,000 and 786,000, which is lower than the expected 880,000 and 850,000. Will be announced this evening the U.S. leading index for September. Recent data from the U.S., we can see the trend of economic recession. Economic recession, commodity prices fell across the board makes gold more attractive to reduce inflation hedge. In addition, the world's richest man, Warren Buffett announced in the near future will be a large number of hunters bought shares of the United States, the remarks could lead to U.S. investors follow-up to promote the U.S. stock market up, gold down further. The crude oil market, the current oil price in July compared to the historical high of 147 U.S. dollars / barrel has dropped more than 50%, OPEC member countries decided on October 24 held an emergency meeting in Vienna is expected to announce production cuts at the meeting. And as of Oct. 14, crude oil fund to reduce the number of single-hand 1654 to 164,118 in hand, an increase of single-space 3935 to 166,017 in hand in hand, at last, after more than half of the drop in oil prices more than the number of single-market atmosphere rich in short, I am afraid the role of production Very limited. Gold last Friday in a continuation of Thursday's decline, currently 780 U.S. dollars by the first-line support, to reach 780 U.S. dollars in the vicinity may be back up slightly. But the 800 line has become a strong short-term resistance, investors may be high in the short, to do more cautious. If the effective price below 780 U.S. dollars, the rate will fall further.