OTCQX:BGMZF - Post by User
Comment by
halcroon Apr 04, 2016 1:02pm
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RE:RE:A warning for Gold Bugs: This rally won't last
RE:RE:A warning for Gold Bugs: This rally won't lastGold Prices 'Consolidate' as ETFs Sell, 'Could Test Support' Below $1200 Submitted by Steffen Grosshauser on Mon, 04/04/2016 - 13:22
GOLD PRICES edged lower to $1216 per ounce on Monday morning in London, writes Steffen Grosshauser at BullionVault, but held above Friday's near 6-week low as the US Dollar traded around 5-month lows on the currency markets.
Major government bond prices also slipped, nudging yields higher as European equities gained over 1%.
China's stockmarkets and the Shanghai Gold Exchange were shut for the Ching Ming festival.
"We could see the markets start coalescing around expectations that the Fed will now put a rate increase back on the table," reckons US brokerage INTL FCStone's analyst Edward Meir, "perhaps for some time in May or June
"Gold could fall below $1200 soon and test key double-bottom support at around $1170-1175."
https://www.bullionvault.com/gold-news/gold-prices-040420161