Gold News

Gold may rise to a record, possibly driven higher by weakness in the dollar, should the precious metal first “hold clearly” above $950 an ounce, Mizuho Corporate Bank Ltd. said, citing trading patterns.

Gold may target $950 and go far above if the dollar continues to slump

we continue to favor an eventual break to new record highs, only when it holds clearly above $950 per ounce will bullish momentum kick in

Gold may rise to a record, possibly driven higher by weakness in the dollar, should the precious metal first “hold clearly” above $950 an ounce, Mizuho Corporate Bank Ltd. said, citing trading patterns. A rise to more than that level would take gold above a so- called resistance point, according to a note and table yesterday from Nicole Elliott, London-based senior technical analyst at Mizuho. Resistance prices, listed by Elliot in the table, may identify clusters of sell orders. “While we continue to favor an eventual break to new record highs, only when it holds clearly above $950 per ounce will bullish momentum kick in,” she wrote, without giving a timeframe. “This may be due to generalized U.S. dollar weakness, courtesy of U.S. government largesse, rather than renewed appetite for precious metals.” Gold is trading at $929 as of 9:13am, London Time. Gold’s Pool-Position is 30% Long, meaning that most Finotec clients are selling the precious metal.

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