Having seen sharp falls during Tuesday's US trading, gold prices regained some lost ground Wednesday morning, climbing as high as $1,583 per ounce, while stocks and commodities were broadly flat and US Treasuries dipped.
The last couple of months have been characterized by volatility in gold and silver. The interesting fact from an historical point of view is that each time the gold price increased by more than 4% in dollar terms, a strong rally resulted. So keep an eye out for intraday increases that match or exceed this number.
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Gold fell initially in Asia before trading sideways and this range trading has continued in European trading. Gold edged higher Tuesday after hopes were dashed that Spain's bank bailout would be the panacea that would lead to alleviating the euro-zone debt crisis.
Gold prices added over 1% ahead of the ECB rate-setting meeting this morning as the post US jobs data-sparked Friday rally continued to unfold. The gold market’s net speculative length is at or very near multi-year lows.
Turkey’s love for gold cannot be overlooked, as an estimated 5,000 tons have been accumulating in people’s homes for years. Turkey is now offering incentives for people to store their gold in the bank instead.
Gold is down 1.6% on the week. The gold market has seen peculiar, lackluster, low volume trading this week punctuated with sudden, oddly timed, very large sell orders. This leads to quick price falls followed either by slow, gradual recovery or a sharp bounce.
Gold’s last/best chance to try for the $1,650 target ahead of the Fed today comes from a lower-than-expected US durable goods orders figure and the flicker of a QE3 hope that such a metric might give rise to among speculators.