Friday, December 28, 2012

FIBOGROUP : Gold Takes Minor Losses amid Ongoing US Budget Negotiations

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Gold – Gold Takes Minor Losses amid Ongoing US Budget Negotiations
The price of gold fell close to $5 an ounce yesterday, as investors cautiously monitored developments in the ongoing US budget negotiations. While no announcements or developments in the negotiations were announced, analysts widely view the prospect of a deal as bearish for gold, as it would lessen the appeal for the safe-haven precious metal. By the end of European trading, gold was trading at $1655.
Today, traders will want to continue paying attention to the “fiscal cliff” negotiations, as they are likely to have the biggest influence on what direction gold takes. If the talks remain deadlocked, risk aversion may boost prices before markets close for the weekend.

At 10:40 GMT, Gold is trading at $1659.20 per ounce, 0.29% lower from the New York close, amid an impasse in the US budget negotiations ahead of a year-end deadline. This morning, Gold traded at a high of $1666.45 and a low of $1658.80 per ounce. In the New York session yesterday, the yellow metal traded 0.50% higher, and closed at $1664.10.

Gold has its first support at $1652.51 and first resistance at $1666.17.

Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us


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