Gold News

Gold’s rebound should come to an end as technical’s indicate a downward trend

Gold’s Pool-Position is 48% Long, meaning that most Finotec clients are selling the precious metal

Gold’s rally should end “soon” after it reached a resistance level, Commerzbank AG said, citing trading patterns. The resistance between $1,126.20 and $1,135.50 is made up of the early February high and the 50 percent Fibonacci retracement in the past three months, Axel Rudolph, a technical analyst with Commerzbank, wrote in a note yesterday. Resistance levels are where sell orders tend to be clustered. Fibonacci analysis is based on the theory that prices rise or fall by certain percentages after reaching a high or low. Gold is trading at $1,100 as of 7:48am, GMT, with a bearish trend. Gold’s Pool-Position is 48% Long, meaning that most Finotec clients are selling 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