GOLD Technical Analysis 2015, 22.03 - 29.03: Market Rally Started - page 2

[Sergey Golubev]

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Press review

newdigital, 2015.03.26 05:54

Gold nears $1,200 in 6-day winning streak (based on marketwatch article)

• Gold futures rebounded from early weakness and posted a sixth straight winning session on Wednesday after an unexpected drop in February durable-goods orders.
• Gold for April delivery rose $5.60, or 0.5%, to close at $1,197 an ounce on Comex after tapping an intraday high of $1,199.30. The close was the highest since March 4.
• May silver rose 2 cents, or 0.1%, to settle at $17 an ounce.

Meanwhile, David Govett of Marex Spectron isn’t buying into this recent stretch of strength for gold. “I cannot see the Fed raising rates in the near future with inflation non-existent, so the current dollar weakness may be with us for a while,” he said. “However, it will happen at some stage and with the rest of the world on an economic slowdown, the U.S. may be the only game in town. In the long run, I would still want to be long dollars, short precious metals.”