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Commodity Daily News
Gold Prices Rise on Weak USD
Tuesday, 29 Nov 2011
Spot gold prices bounced higher yesterday on broad USD weakness as the price of gold climbed back above the psychological $1,700 level. Similar to the EUR, gold prices were moving on the headlines of an IMF deal to support Italy. Despite the news reports proving to be false gold held onto its earlier gains.
The rise in the commodity yesterday helped to take out the near-term resistance of $1,710 from the mid-November low. A continued move higher may see resistance at $1,768 from the falling trend line off of the September and November highs. To the downside spot gold prices have support at the short term rising support line from the November 21st low at $1,666.
