Gold say no to correction... price reaching $700
Gold refused to correct and continues to test new high, price has reached another record high of $680 during US market morning session yesterday.
The latest CMX gold price is now trading at $677.33. For the recent 3 days, the lowest spot gold price was $660, and rebounded quickly once touched this point. $660 gives an initial support already, looks like the uptrend will continue.
Talking about the demand of gold, the demand from India, China and US already takes more than 40% of the annual inventory of Gold. However this is not enough to push the price of gold to the current level as high as $670. The only reason is investors buy in a lot of gold futures, and since Gold EFT was taken into effect, the situation was even worse. Looks like $700 is not a problem, but investors pls beware of the high risk.
The latest CMX gold price is now trading at $677.33. For the recent 3 days, the lowest spot gold price was $660, and rebounded quickly once touched this point. $660 gives an initial support already, looks like the uptrend will continue.
Talking about the demand of gold, the demand from India, China and US already takes more than 40% of the annual inventory of Gold. However this is not enough to push the price of gold to the current level as high as $670. The only reason is investors buy in a lot of gold futures, and since Gold EFT was taken into effect, the situation was even worse. Looks like $700 is not a problem, but investors pls beware of the high risk.
posted by SSY | 11:09 PM
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