Gold futures on Monday traded relatively higher in the global markets. UK markets were shut due to low liquidity.
COMEX Gold futures for February delivery are trading up $6.4 at $ 1110.5 per ounce, while MCX February gold futures hit a high of Rs 16910 trading up over Rs 50 at Rs 16878 per 10 grams.
The US dollar has weakened by more than 1% since the release of US GDP. While the Gold futures have rallied by more than 3% since bottoming out from $ 1075 on 22 December.
The U.S. economy grew at the fastest pace in two years during the third quarter, but the revised annual growth rate of 2.2% was much slower than initially reported, the Commerce Department released.
Gold rose lifted mainly by bets that precious metals will see a rush of investment dollars after the first U.S exchange-traded fund for platinum group metals neared approval. Gold is closing as a down week at current 1103.
This is the fourth week in a row that gold has fallen in a move that has travelled from 1226.50 to 1075. Key downside support is seen at 1070 from our previous record high in October. We are bearish gold with a Fibo target of 1018, we would shift to neutral on a close back above 1120.
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