Spot Gold continued its rally from Tuesday with notable fresh safe-haven buying, physical demand from Asia, and technical buying from CTA and macro accounts (on the break up through the 200 day MA at $1636.36) leading the steady climb higher. This was despite some further strength seen in the USD and falls in the price of crude oil. The metal opened yesterday at $1632.60 and headed higher in Asia, peaking in early Europe at $1647.30. Some profit taking then led a move back down to $1641.60 in early US trading before heading higher again to $1646, later closing out the day around $1642. Asian markets this morning have seen further demand with Gold heading to test yesterday’s highs. Support
today is seen at $1630.30 and $1608.70 with resistance up at $1678.25 and the psychological $1700 level. Gold currently trades around $1646.40.
EasyForexNews Research Team