The inflation hedge is moving higher.
The metal has risen 1.2 percent this week, lifted by gains in the euro, which is heading for its biggest weekly rise in seven, and worries over the US ‘fiscal cliff’, a $600 billion package of tax and spending changes set to kick in next year.
In other precious metals, silver was up 0.5 percent at $33.46 an ounce. It has outperformed gold to rise 3.5 percent this week, pushing the gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, to a six-week low at 51.9.
Spot platinum was flat at $1,580 an ounce, while spot palladium was little changed at $654.75 an ounce.
The labour unrest in South Africa remains a concern to the market. Two miners were killed in clashes between rival unions at a mine run by Harmony Gold, in a fresh flare-up of labour violence in Africa’s largest economy days after a wave of wildcat strikes ended, police said.
GOLD (Spot) intraday: the bias remains bullish.
Economist and Hedge Fund Manager Shayne Heffernan of www.livetradingnews.com Says: Go LONG positions above 1722 with targets @ 1735 & 1743.
Alternative scenario: The downside breakout of 1722 will open the way to 1718 & 1711.
Comment: the RSI calls for a bounce.
Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service
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