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.

Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and now serve clients of all sizes in many locations worldwide, offering them real-time Internet trading not only in currencies, but also in options, commodities,... More