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Gold Price “Lacks Momentum” as Traders “Prefer to Watch Olympics”, But Bank of England “Still Has Foot to the Floor” on Stimulus
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
goldnews.bullionvault.com / August 8, 2012
The Dollar Gold Price hovered just below $1610 per ounce for most of Wednesday morning’s London trading – in line with last week’s close – while stocks and commodities ticked lower and US Treasuries gained.
The Silver Price dipped below $28 an ounce, although like gold, silver remains slightly above where it ended last week.
“The Gold Price has been range trading for the past couple of months,” says Commerzbank senior technical analyst Axel Rudolph, noting that the upper end of the range “is seen at the June $1641 peak”.
“There is a lack of momentum in the market,” adds one dealer in Hong Kong.
“Prices are unlikely to break above $1620 but falling below $1570 is also difficult. Many traders are more interested in watching the Olympics than trading.”
Thanks to BrotherJohnF
2012-08-08 17:13:22
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