Gold attracts robust bids early in Asia

Gold is buying and selling $18 greater early in Asian buying and selling to $3366. It rose as excessive as $3370 to briefly high the Asian peak from yesterday in an indication of stable demand.

Earlier this week, gold hit a report excessive above $3500 however that led to a robust spherical of revenue taking into Wednesday’s buying and selling within the US. That is since stabilized and the US greenback was smooth once more earlier in US commerce. Now we’re seeing recent indicators of Asian demand.

Some ranges

The primary line to look at is whether or not gold can maintain above yesterday’s Asian excessive of $3367 after which I can be eyeing the 50% retracement stage at $3380, adopted by the all-important $61.eight% stage at $3409. That will be a giant hill to climb earlier than the weekly shut and indicate an additional $42 rally from right here.

If that have been to occur, it will be a robust dip-buying sign and signal of a robust urge for food from actual cash gold consumers.

This text was written by Adam Button at www.ubaidahsan.com.



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