Spot Gold Extends Its Recovery, Approaches $1,120
Source: FXstreet (2/19/10)
"Gold managed to hold above Thursday's lows and the highly psychological $1,100/oz despite USD strength"
"Gold managed to hold above Thursday's lows and the highly psychological $1,100/oz level despite broad-based strength in the dollar in reaction to the Fed's surprise decision to raise the discount rate," the FastBrokers Research Team said.
The stability in gold could signal an overreaction in the major dollar pairs according to the FastBrokers Team.
The price of gold is headed toward the second week in a row with important gains as the ounce continues to move away from February lows that lie at $1,043.95.