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Commodities Briefing - Categorized | Bullion/Gold, Price Watch more

Gold needs to break $1,700 for momentum to continue

Posted on 23 January 2013

U.S. dollar gold prices hovered above $1,690 an ounce Tuesday morning in London, close to one-month highs, while prices in yen quoted on Tokyo’s gold futures market set a new record, following an announcement of open-ended asset purchases and a new, higher inflation target by Japan’s central bank.
“[Gold] is struggling along the 55-day moving average at $1,695.96 and just below the downtrend channel resistance line at $1,704.89,” says Commerzbank senior technical analyst Axel Rudolph. “We would like to see a daily close above the latter being made before we become medium-term bullish again.”……………………………………….Full Article: Source


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