Gold was up steady as we headed into the Friday trading session, trading at $1197.70 as of this writing. Investors continue to seek bargains in the precious metals complex, with the Federal Reserve meeting on Wednesday offering some incentive for investors as its stance on interest rate hikes was more dovish than predicted.
Geopolitical risks continue to be a factor as well, with Russian President Vladimir vowing to protect the ruble through massive gold purchases and venting angrily regarding the West’s intent to continue with economic sanctions which threaten to devastate the Russian economy.
From a technical perspective, gold has been trading in what could be described as a consolidation pattern with an upside bias. After breaking through $1200 and holding at or near that psychologically important price level, the next goal will be a breach of the technically significant $1240 level, which marks the high point of this month’s gold prices.
The next […]