The Phaserl


Gold Back Below $1600 After Cyprus Deal

by Ben Traynor, Financial Sense:

U.S. dollar gold prices fell back below $1600 per ounce Monday morning in London, falling back towards where they started last week, as stocks and commodities gained after news that Cyprus has agreed a bailout deal.

“We expect gold to move sideways this week with, however, a tendency for lower prices,” says a note from precious metals refiner Heraeus, adding that it saw increased demand for investment gold bars, with gold “much influenced by worries over Cyprus”.

“[Gold’s] price action remains well below the uptrend which was broken in February,” says the latest technical analysis note from bullion bank Scotia Mocatta.

“There is a major base of support in the $1522 area, which will be pivotal to the long-run trend; the risk is for a test of this low.”

Silver meantime dropped below $28.60 an ounce, while US, UK and German government bond prices also fell.

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