Very busy day for gold

Since tuesday was a very busy day for gold, with the yellow metal bursting through $1,300. The triggering of stops saw the metal continue to head upwards, closing the day at $1,309. Gold is taking a breather so far today however, trading sideways and consolidating around Tuesday’s closing levels ahead of US trade. With little in the way of macroeconomic data this afternoon, gold will likely continue to consolidate and track the dollar.

Deepavali will be on 5 Nov 2010 and usually month before that India will buy in a lot of gold, however due to the price is high so the buying will be less. Gold price will be supported well due to high demand of gold in 4Q2010.

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