Gold has
been rising lately due to the fact that the stock markets are on a downtrend
and have been weakening among a rise in risk aversion. Gold is used as a safe
haven instrument or investment and that is why when things get spooky, money
flows into gold. On the daily chart of the precious metal we can see that the
price has reached the 1200 Dollars per ounce, but the zone has acted as a
resistance and price stalls around there. Price may try to bounce to the
downside, but it may also break that level to the upside.
Nice rally.
ReplyDeleteIt seems it found some resistance.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteOn today's session the futures for gold lost 1.33% to trade at $1,182.70 per troy ounce. All eyes were turned to semi-annual testimory of Janet Yellen today.
ReplyDeletePsychological resistance level is at 1200.
ReplyDeleteAs always, very detailed analysis.
ReplyDeleteVery accurate analysis.
ReplyDeleteGreat analysis.
ReplyDelete