2010-05-27

Gold is back above $1,200!


Gold is back above $1,200; the correction seems to have run its course. Gold gravitated towards $1,200 yesterday, a point at which a large amount of option strikes expired (yesterday). With the break above $1,200, gold now could move higher. I believe that dips should be bought. Based on FX report, view that the euro will continue to depreciate against the dollar, they also believe that gold in euro terms will outperform gold in dollar terms.

The strong performance has been mainly due to a flight to safety, sparked by mounting concerns over the Euro-zone debt crisis, and recently exacerbated by geopolitical tensions in Korea. The combination of factors has seen investors shift money out of equities and riskier assets, towards the safe havens of gold and certain government bonds.

Gold support is at $1,192 and $1,175, resistance at $1,219 and $1,129.

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