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FX Report: GOLD

Published 09/27/2011, 04:17 AM
Updated 07/09/2023, 06:31 AM
GOLD

moved firmly higher in Asian trade today as investors became slightly more optimistic that the ECB will take bold action to support the Eurozone and ultimately the global markets in a time of crisis. This saw support for equities across the region and broadly stronger commodity prices as the USD weakened further after last nights losses. Gold traded in a $1,614-55 range and finished the session higher by 3.50% at $1,653. After solid gains after the US close in electronic trading we saw further gains throughout the session, rising by a further $30 to above $1,550 as the day progressed. The rise can be contributed to very oversold conditions, a weaker USD and some confidence returning that has seen equities rise. Stability is the key to financial markets right now and the ECB need to step in and support markets not so much to push them higher but to stabilise us from any dramatic falls.

We remain bullish going into tonight's session as we see follow through gains in equities and further weakness in the USD tonight. We got long today on the breach of resistance at $1,338 and place stops at $1,595 for now. We will trail higher if we breach $1,662 and also buy more. We expect a move back towards $1,720 in the coming sessions.
Compass Direction Short-Term Medium-Term BULLISH BULLISH

Please see the attached chart below...

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