Gold is making steady gains as appetite for safe-haven assets returns. Fitch has reduced the outlook on Belgium’s sovereign debt rating to negative, fuelling concerns over the Eurozone debt situation. The physical market for gold also remains supportive, with strong demand driven by interest in Asia, and in particular China & India. FDrom a technical perspective, with gold above $1,498, we foresee further upside. In addition, a sustained break above $1,520 could bring $1,535 within reach this week.
Gold support is at $1,510 and $1,499. Resistance is at $1,527 and $1,531.
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