Gold is looking likely to finish the year positive for the first time since 2012, according to Frank Holmes writing in Forbes today. Holmes points to the weaker US dollar, the probability of near-zero interest rates for the remainder of the year and a seasonal increase in demand as underpinning the positive momentum.
“…the yellow metal broke above its 200-day moving average and is close to erasing its 2015 losses. This could be the price reversal many gold bulls have been expecting”.
Holmes highlights the so-called US dollar “death-cross” which occurs when the 50-day moving average crosses below the 200-day moving average, an indicator that is “widely recognized as the start of a bearish trend” and not seen since September 2013.
This may be indicative of a downward trend for the dollar that would be good news for gold, allowing it “the breathing room it needs to reach the important $1,200 resistance level”.
Read more on the GoldCore.com blog
Today’s Gold Prices: USD 1173.70 , EUR 1032.87 and GBP 747.86 per ounce.
Yesterday’s Gold Prices: USD 1171.65 , EUR 1032.93 and GBP 747.86 per ounce.
Gold in USD – 1 Year
Gold closed down $5.00 yesterday, ending with a loss of 0.43% for the day. Silver slipped to as low as $15.761 and ended with a loss of 1.12% closing at $15.83. Euro gold fell to about €1033, platinum lost $6 to $1009.
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First published here: http://www.zerohedge.com/news/2015-10-20/gold-verge-posting-first-positive-year-2012