Gold seeing some strength

On the road, here’s Dan Norcini on gold:

Gold seeing some strength

Gold appears to be catching some decent buying in today’s session – buying that has been strong enough to take it out of the range within it has been trading for approximately the last ten days or so. Note the resistance levels shown on the chart and you can see the progress.

It still has a big hurdle to clear if it is going to get any fireworks going and that hurdle remains the same as it has been for some time now, namely the region up near $1680.

It seems that Central Bank buying below the market has shored up support on the chart.

One gets the impression that the gold market simply does not believe that the Bernanke-led Fed is going to be able to avoid doing another round of QE.


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