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Gold Prices to Re-Test $1350/oz

by Bob Kirtely, Gold Silver Worlds:

Gold prices have started the week weaker in the southern hemisphere, dropping around $18.00 to trade at $1429.00/oz, despite the amount of physical buying that is taking place the paper market still calls the shots, for now at least. After what looks like a capitulation gold prices did bounce back, however, they have failed to break through $1500 and challenge the 50dma and now look set to test recent lows.

As we can see from the chart above the $1475.00/oz level has become a resistance level that gold has been unable to break. One possible reason for gold not doing so well is that the US dollar has improved over the last few days and now looks set to challenge its recent high in an attempt to form a new higher high.

Read More @ GoldSilverWorlds.com

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1 comment to Gold Prices to Re-Test $1350/oz

  • 8Ball

    Yup, let’s trot out another “expert” to tell us what is happening with PM’s…

    Hey, Bob, give up with the BS (“possible reason”) and relax. You are getting phucked along with everyone else so quit trying to make a buck off of other people’s misfortune.

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