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News - Detailed News Story


Stock Chart
Last Done 154.600
Change -0.300 (-0.19%)
Volume 3.225
Range 154.600 - 155.200

Yellow metal needs constant observation

06 Aug 2019 09:00

By Jerome Lee

AFTER a meteoric rise in gold prices, in the recent weeks, the attention of the market has largely moved mainly into silver, gold's laggard cousin, as well as the Japanese yen. This move into alternative safe-haven vehicles by the market was largely fuelled by the high gold prices, which did not present itself as an attractive opportunity for investors and retail traders. However, it is of our view that we should not be turning our backs on the yellow precious metal any time soon.

From a technical view, through the daily charts, gold price was plotting out a rising wedge pattern which is a chart pattern that would have alluded to a potential fall in prices when it breaks the lower boundary of the pattern.

Following the release of the 25 basis point rate cut decision by the US Federal Reserve (Fed) and Fed chairman Jerome Powell hinting that there might be another rate cut this year, gold prices broke below the bottom of the wedge before bouncing off the psychological level of US$1,400.

This price level is also near the 38.2 per cent Fibonacci retracement level if we were to plot using the low of US$1,320 to the high of US$1,452. However, gold prices did an about turn as US President Trump announced his plan to levy an additional 10 per cent of tariffs, amounting to US$300 billion on the goods coming into the United States from China, from Sept 1. This sparked the market off and sent the price of gold soaring to US$1,445 from US$1,418 per ounce.

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Attachments: Source: Business Times

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