Gold price edges higher for a second day
The gold price is slowly creeping higher for a second day on another quiet day trading. It is managing to hold above the $1560 level we sited last week but at the moment there doesn’t seem to be any catalysts that will take the price higher – something that can change very quickly.
Interestingly, but rather unsurprisingly, it is gold priced in €s that is showing the greatest strength. Whereas the pull-back in $ and £ terms from a couple of week’s back represented a fall from last summer’s peak of about 20%, in € terms it was only 12.5%.
And while in £ and $ terms gold is marginally up for the year, in € terms it’s up some 4% so far this year, and is in fact on 8% from all time nominal highs.
In € terms gold is almost back above its 200 daily moving average which currently stands at €1265 (only €5 higher), where as in $s it stands at $1685 and in £s it’s at £1066.
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Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-edges-higher-for-a-second-day-7025/