Monday, November 23, 2009

Record Gold Price in Sterling Pounds

A month after reaching then record high of $1,066, 12 November sees yet another record high of $1,121. Prices soften before reaching yet another new high of $1,126 during Asian trade. On 17 November, gold price continue to crash through resistance reaching $1,143 during Asian trade and $1,152.40 in NY Trade.

As I write, gold price was $1,162 before NY opened and has since cleared $1,168. The final resistance ($1,160) was cleared, prompting analysts to re-look and forecast new resistance levels of $1,176 and $1,200 with support at $1,145. With continual weakening of the USD, $1,200 looks likely. And if anyone is saying that gold is rising in only USD terms, well, at $1,166/oz, £701/oz is a new high (£690/oz London PM Fix on 20 Feb 09), while €776/oz is just €6 from its record high of €782. What can stop the rise of the world's most primitive currency?

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