Spot Gold prices eased slightly into the weekend on the back of a stronger USD, but falls were pared by renewed worries in the eurozone prompting some safe-haven demand and bargain dip buyers who continue to pick up on any sudden sell-offs in the market. The GOLD opened on Friday at $1622.70 hitting highs of $1631.30 after the strong US non farm payroll data, before coming off sharply to $1608.70. A recovery on short covering was later seen into the close at $1617.50. Asian markets this morning have seen another fall tracking losses in Crude Oil to $1605.20 before a recovery to $1613 ahead of the London open. Analysts are now almost unanimous in forecasting a price of over $2000 in 2012
according to a recent survey from the London Bullion Market Association, which showed 23 out of 26 analysts seeing a new record high. Today’s support is at $1597 and $1579 with resistance $1631.30 and $1642.
EasyForexNews Research Team