GOLD NEAR 2-WEEK HIGH ON DOLLAR, US.
DATE: 30/04/2012
Gold held near a 2-week high on Monday on the prospect of more safe haven buying, with the dollar under pressure from weaker-than-expected U.S. economic data and speculation the Federal Reserve could ease policy further to boost growth.
Although the slowdown may not be bad enough to prompt the Fed to launch a third round of bond buying, or quantitative easing, expectations for such a move plus fears about the debt crisis in Europe could offer gold much-needed impetus to break free from the current range.
Money managers in gold futures and options had slashed net long positions in the week ended April 24 for a third decline in four weeks, after gold failed to break out of a narrow range.
Gold added $2.07 an ounce to $1,664.39 by 0620 GMT, but the metal was heading for its third monthly decline. Bullion had risen to $1,667.11 on Friday, its strongest since April 13, on disappointing U.S. growth and European debt jitters.
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ReplyDeleteGOLD (5 FEB.) TREND: BEARISH
RES 1: 29150 RES 2: 29400
SUPP 1: 28400 SUPP 2: 28150
STRATEGY: SELL ON HIGH
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