At last check, spot gold was trading 0.02% higher at $1,621.70 an ounce. Spot gold is on course for a gain of 3.4% for the week. Gold futures for delivery in February are currently trading 0.15% higher at $1,622.50 an ounce.
that gold has made a good start to the year but the precious metal is still not out of the woods in terms of the technical picture. that gold has been holding above $1,600 an ounce, indicating we could have some further upside potential.
Gold traders are the most bullish in a month as Europe’s deepening debt crisis and increasing tensions over Iran drove the metal to its longest winning streak since October. Gold prices should rise next week following steep losses this week,
The banks were also buying gold in 1980 as prices rose to a then-record $850, only to drop for most of the next 20 years. Bullion tripled from 1999 through the beginning of 2008 as the banks sold more than 4,000 tons. Bullion may reach $2,140 this year,
After falling to a low of $1,523.90 an ounce on Thursday, gold prices rebounded on short covering, Friday’s strong price rebound may be signaling a period of price consolidation is at hand. We may see renewed short covering buying that has the potential to once again test the $1,600 level, basis the February futures, next week,That rebound could continue in early next week.
The $1,600 area could prove to be stout resistance and most survey participants think that ceiling will hold. Many who see prices higher next week said they don’t believe the gains will be sustainable, and said it’s very possible gold prices will retreat, after testing the upper band of resistance.
Those who see weaker prices next week said, while gold might be oversold in the short-term, the medium-term technical picture has turned negative and that could lead to weaker prices, even as geopolitical worries heat up, such as saber-rattling by Iran over possibly closing the Straits of Hormuz, a key shipping lane for oil transportation. Normally geopolitical worries will be supportive for gold.
while gold might be oversold in the short-term, the medium-term technical picture has turned negative and that could lead to weaker prices, even as geopolitical worries heat up, such as saber-rattling by Iran over possibly closing the Straits of Hormuz, a key shipping lane for oil transportation. Normally geopolitical worries will be supportive for gold. For the latest updates on the stock market, visit Stock Market Today
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