The Gold Blog

Gold:
Yesterday’s comments by Russian President Dmitry Medvedev at the BRIC summit, calling upon the International Monetary Fund (IMF) to expand the currency basket of Special Drawing Rights to include the Chinese yuan, commodity currencies and gold in order that it matures into a reserve currency, is positive for gold as it shows how gold is [...]

Gold: Gold’s correction has been quite sharp but given the extent of the rise since mid April (from $864/oz to over $980/oz or over 13% in just 6 weeks) it is not unexpected. A 50% retracement of sharp rallies is quite common and yesterday’s lows of $925/oz is very close to an exact 50% retracement.
While [...]

Gold: Gold’s short term movements are still intrinsically linked to whatever the dollar is doing at the moment. Gold is currently trading at $949.50 and $950 seems to be where the market is settling for the time being. In the medium to long term, gold will still be sought after by investors wishing to hedge [...]

Gold: Gained nearly 0.5% yesterday as it continues to track the fortunes, or lack thereof, of the dollar. It is currently trading at $953.30. Very strong support is showing at $935 with resistance still looking to break the magic $1000 level.
With production out of the 3rd largest producer in the world, South Africa, back at [...]

Gold
The gold market continues to track the dollar. As the dollar retraces recent gains against the major currencies, touching a two week low on Monday, gold currently stands at $961.10. With many FX analysts currently holding a medium-term bearish view on the dollar, the outlook remains positive for gold. The next resistance level for gold [...]