(Kitco News) -Demand for gold drastically weakened Tuesday as investors sought other forms of investment, such as the U.S. dollar, says MKS Finance. Indian demand for gold “was rather disappointing” as the rupee is trading around its all time highs. Some Asian demand was spotted, but bulk buying is limited ahead of the year-end, they say. “The metal is subjected to further pressure as the previous close was below the 50 day moving average and a failure to hold the 38.2% Fibonacci level ($1681),” they say. As the U.S. dollar strengthens, particularly against the euro, it puts more pressure on gold. Key support for gold is at the 200 day moving average at $1617, they note.
Source; www.kitco.com
Source; www.kitco.com
No comments:
Post a Comment