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18:06 Alert-Gold Stand Strong Despite Market Volatility
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Gold was able to sustain strength holding ground at $857oz. A little bit of insecurity following Initial jobless claims number, but the market has since calmed down, and gold momentum eased. The risk aversion trade which has strong influence over the Euro, WTI, and equities has been a bit disconnected from gold. Rumors looming about a UK sovereign credit downgrade, should shake up investors enough to bolster prices through $865. If the rumors fail to prove true gold may range trade at these levels in the near-term. The newfound support is mostly attributed to ETF buying, and other derivatives of gold. From a technical perspective, the Keltner Channels in are chart show an avg. high of $859oz, with prices trending very close to the upper band. This may be taken as a selling opportunity, Traders usually short when prices reach the upper band.
Support: 831.91 Current: 857.50 Resistance: 873.31
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