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Gold: Technical Analysis

ByICM Brokers
Published 10/24/2011, 08:40 AM
Updated 04/25/2018, 04:40 AM

Gold  rose the most in more than a week as a drop in the dollar and renewed optimism that Europe will act to tame the debt crisis boosted investor demand. The greenback slumped as much as 0.9 percent against a basket of six major currencies, declining for the fourth straight day. European  leaders meet this weekend in Brussels as they seek to contain the region’s fiscal crisis. Gold has dropped 11 percent since the end of August as escalating debt woes threatened global growth and commodity demand.“The weaker dollar and physical buying is supporting gold,” Frank Lesh , a trader at FuturePath Trading in Chicago,said in a telephone interview. “People want to know what Europe plans to do to stem the crisis.”Gold futures for December delivery  gained 1.4 percent to settle at $1,636.10 an ounce at 1:46 p.m. on the Comex in New York, the biggest advance since Oct. 10. Still, the metal dropped 2.8 percent this week, the first weekly loss in three. Bullion slipped to $1,604.70 yesterday, the lowest since Oct. 5.“The price drop definitively offers an attractive buying opportunity,” said Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt. “Gold is still seen as a safe haven or a store of value, at least in the mid to long term.” Bullion is in the 11th year of a bull market and futures reached a record $1,923.70 on Sept. 6 as investors sought to diversify away from equities and some currencies.The metal has advanced 15 percent this year.

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