Gold price starts the week on a positive note
The gold price is higher today on the first trading day in October. This comes after last month’s near 10% rise.
Gold $ (hourly):
Gold has twice broken above $1777 but both times has been sold off.
Gold really needs to put in a decent close above $1785 otherwise the shorts might try and push the price back down to the $1740 area.
In terms of € gold the chart is looking really strong with new all time highs being chalked up.
The £1100 level is the one to watch here – a close above that and we should see a run to £1125 pretty quickly.
Thursday will likely be the day to watch where the above levels get tested. We get the BoE interest rate decision, ECB decision and the Fed’s FOMC minutes released.
- Gold price looks set to end the week on a positive note – in Euro terms now only 4% away from making new weekly closing highs
- Gold price starts the week higher as Spain’s problems come into focus
- Gold price holding onto gains for the week as the Fed starts 4 year old liquidity program
- Gold price starts the week higher but is still rangebound
- Gold price rises this morning as the BoE starts its money printing program
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-starts-the-week-on-a-positive-note-8186/