After having surged to a two-week high in the middle of last week, gold prices are expected to head lower later this week. Gold prices had been moving toward USD900 prior to the rally seen last week. The U.S. dollar had been appreciating and investor interest had been waning. These factors quickly reversed to push prices briefly above USD940, however. In expectation of higher prices later this year and with prices unable to move much lower than USD904 recently, investors may have increased their purchases.
Follow-through buying also helped support prices as they broke above resistance at USD930. Prices also were supported by economic data continuing to show still weak economic conditions in the United States and the world. Despite investor activity having decreased a bit in the Northern Hemisphere, investment demand for gold remains firm. Combined ETF gold holdings were 54 million ounces at the end of last week, slightly lower than at the end of the previous week. Demand for gold bullion and coins remains strong in the United States. The U.S. Mint recently suspended sales of almost all of its gold coins due to limited availability of blanks.
Showing posts with label USD Gold. Show all posts
Showing posts with label USD Gold. Show all posts
Gold Price just close at USD920, finally gold move up and out of 920. If the gold price can hold on for few day than gold price will bounds up high again.
Both silver and gold are acting strangely. Gold has fought hard to break through 920, without success. Yet instead of falling back and fading, it just keeps knocking on that 920 door.
If markets break down, the gold price could drop to USD890 but if they break out, Oh, my! Hello, USD1,000 per ounce gold equal to RM114.79 per gram.
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