Gold sparkles in the flight to safety, nears October high

Technical Analysis

Author: Adam Button | gold

Gold shows signs of life

Sentiment has worsened in equities with the S&P 500 now down a whopping 90 points to 2700.

Normally you would expect a better outing from gold given the absolute beat down in stocks but this is a baby step for the precious metal.

It could take a larger step if it can break above the October high of $1243 in the next few days. Of course, that might take bigger signs of trouble.

Note however that there's a positive seasonal pattern in gold in the first couple months of the year and it started early last year with buying starting in the second week of December.



ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose