Gold Rally To USD991 Per Ounce This Morning















Gold close at USD991 equal to RM112.27 per gram this morning had broken the triangle pattern since March of this year. Gold’s rally was purely technical in nature, with its long standing pennant formation being focused on by the market for several months.

However it was the bout of risk aversion at the beginning of this week that gave the metal the impetus needed for the move, with poor US data on Wednesday also providing further ammunition. The strength in gold dragged the rest of the precious metals complex higher with it, with the metal also leading the currencies for a change.

For me I think the rally is just temporary and in short time Gold will hits USD1,000 but likely will not hold in this level for long. However after this year we may not see Gold below USD970 per ounce again. Ever year value of gold is on the way up so it is a tool that bring profit better that FD and safe.

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