Gold: Go for Fresh Buying on Break of $965

Source:

"Spot gold is currently trading near the important resistance level of $965. . ."

Gold climbed to the highest in two months, gaining for a third consecutive week, as the slumping dollar and higher oil prices boosted the metalís appeal as an alternative investment. Silver soared to a nine-month high. The USD fell to the lowest this year against a basket of six currencies, including the Euro and Yen on speculation that the AAA credit rating on U.S. debt may be cut.

Gold futures for June delivery climbed USD$7.70, or 0.8%, to USD$958.90 an ounce on the NYMEXís Comex division, after earlier touching USD$963.10, the highest for a most-active contract since March 20.

Gold gained 3% this week. Silver futures for July delivery advanced 1.7%, to USD$14.695 an ounce in New York. Earlier, the price touched USD$14.86, the highest for a most-active contract since August 14.

Todayís Outlook

Gold managed to break past $960 on Friday but failed to give a firm closing above the same. Spot gold is currently trading near the important resistance level of $965 and fresh buying is recommended only the break of $965.

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