Gold has hit fresh highs, climbing above USD1,117/oz

Gold has hit fresh highs this morning, climbing above USD1,117/oz. With the metal in uncharted territory, resistance levels have reverted to round figures, with the next level being USD1,120. While we still look for a possible retracement in gold towards USD1,090 the fact that gold is consolidating its gains above USD1,100 is making such a retracement more unlikely.

China has released its industrial production figures for October which showed y/y growth of 16.1%. Retail sales were up 16.2% y/y in October. Both figures are higher-than-expected and confirms that China’s economic growth remains well balanced on the consumer and producer side of the economy. While there is very little data releases in other parts of the world today the
markets might find direction from the positive Chinese data. This could lead to support for precious metals, especially gold.

Although buying appetite in the physical market remains small, we are seeing less scrap coming to the market as gold consolidates above USD1,100. The lack of scrap gold flowing to the market is adding to gold’s support. Support for gold is at USD1,100 and USD1,095. Resistance is at USD1,110 and USD1,120.


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Malaysia Gold Investment

I found Gold Investment in Malaysia is a vary good tools to make profit when the market is down. I also found that Gold Price go up and down more slower compare to share market so to make money in long term, Gold is the right tools. This blog is all about Malaysia Gold Info and the way to make profi

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