Hot Gold Cools as Expected

Source:

"...While immediate gains are likely to be capped at around $690, a period of consolidation after recent blistering gains could provide the foundation for a sustainable rally," said Standard Bank of London in a daily note. "The $700 mark also remains a formidable psychological resistance level...

AFTER soaring to a new nine-month high of $688,40/oz on Friday, gold showed signs of cooling off this week, and lost as much as $10/oz in intraday trade today.

"While immediate gains are likely to be capped at around $690, a period of consolidation after recent blistering gains could provide the foundation for a sustainable rally," said Standard Bank of London in a daily note. "The $700 mark also remains a formidable psychological resistance level. Support is still expected at $672."

Related Articles

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe