2011-08-08

No overhead resistance above and $1,700 per ounce is less than $10.00 away

The gold price traded higher Sunday night, gaining $25.50 to $1689.25 per ounce. The price of gold spiked higher in reaction to the news late Friday that Standard & Poor’s downgraded the United States credit rating to AA+ from AAA – stripping the U.S. of the top rating it held for 70 years. The move prompted the European Central Bank to begin “actively” purchasing sovereign debt of Euro-zone nations.

The S&P 500 sank 7.2% last week and has now plunged nearly 200 points, or 13%, from peak to trough in a short two weeks. Stocks in the U.S. have fallen for nine of the past ten sessions. Meanwhile, the yield on the 10-year U.S. Treasury bond fell as low as 2.33% on Friday and the CBOE Volatility Index (VIX) soared toward the 40 level. The Reuters-Jefferies CRB Index touched its lowest level in seven months. The gold price rose $37.20 last week, making it one of the only asset classes outside of Treasury bonds to move higher.

Fear is back.

S&P 500 stock futures opened dramatically lower, sinking 29.10 to 1168.70 at 6:30pm eastern time Sunday night. With the gold price posting yet another all-time high, there is no overhead resistance above and $1,700 per ounce is less than $10.00 away.

1 comments:

Blogger November 24, 2016 at 12:13 PM  

I have just installed iStripper, and now I can watch the sexiest virtual strippers on my taskbar.

Related Posts Plugin for WordPress, Blogger...

KLSE Info Zone

About This Blog

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

Blog Malaysia

BlogMalaysia.com

  © Free Blogger Templates 'Greenery' by Ourblogtemplates.com 2008

Back to TOP