Gold News

Gold steady as investors await market data and the Dollar’s direction

Gold steady as investors await market data and the Dollar’s direction

Gold is trading at $965 as of 9:19am, London Time. Gold’s Pool-Position is 84% Long, meaning that most Finotec clients are buying the precious metal.

Gold’s advance to the highest level in two months may stall before it reaches so-called resistance at $972 an ounce, Commerzbank AG said, citing trading patterns. The resistance level is the 78.6 percent retracement of the move down from a June peak of $990.75, Karen Jones, a technical analyst with Commerzbank, wrote in a note yesterday. Resistance levels are where sell orders tend to be clustered. “Near-term strength is viewed as an elongated correction only,” Jones said. “Our long-term bias remains negative. We view the $1,000 region as a ceiling for the market.” Gold is trading at $965 as of 9:19am, London Time. Gold’s Pool-Position is 84% Long, meaning that most Finotec clients are buying the precious metal.