Gold News

Gold regains some strength as the dollar steadies and investors await

Gold regains some strength as the dollar steadies and investors await

Gold regained some strength on Thursday after falling the previous day, though poor technicals and failure to sustain recent gains may spur selling. Gold rose above the 50-day moving average on Thursday as bargain hunters resurfaced but it remained below the 100-day moving average, with strong Chinese inflation data triggering worries about further monetary tightening. “We have seen investors withdraw holdings in the SPDR ETF, which has stalled the upward trend seen since the end of February,” said David Barclay, commodity strategist at Standard Chartered in Hong Kong. Gold is trading at $1,109 as of 21:00pm, GMT, with a bearish trend. Gold’s Pool-position is 19% 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