Gold Resumes its Rally
October 19th, 2009 Posted in Analyst Picks, Oil and Precious Metals
After falling more than $10 last week, as the dollar pared recent losses and equities declined, Gold is regaining its strength today and currently trading at 1058 level. The rise came after a number of key corporate earnings helped lift stocks last week and the dollar, which has been used as a safe-haven currency, sank further, while the EUR rose 0.2% to $1.4942. A weaker dollar lifts the price of dollar-denominated commodities and heightens gold’s appeal as a safe asset. As optimist mood continues to dominate stock markets, Gold will likely to continue its rally throughout the week.
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Tags: Gold forecast, Gold trading
