Gold: Polished and Shining
Gold prices have made significant ground in recent trading, prompting a surge of interest in the precious metal. Indeed, speculative interest in gold has risen to a 16-year high in recent days and the technical picture remains encouraging. Spot gold has broken above resistance around the US$990.00/oz level, and crucially, is currently sitting pretty above the psychological US$1,000/oz level. Moreover, my colleagues at BMI hold a bearish stance with regard to the US dollar’s fortunes in the medium term, which should further buoy spot prices. Given this impressive momentum, can gold prices head to all time highs? Risk Watchdog believes the answer is YES, and targets a move towards and potentially beyond US$1,030/oz in coming days and weeks.
