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Let's Gain - The Professional Signals Provider - Signals, Trading Systems, Technical Analysis

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Gold hits record

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Monday, 14 January 2008
gold.jpgGold touched a historic high above $910 an ounce, due to a general sentiment to buy the metal on further weakness in the dollar and expectations of a cut in U.S. interest rates.

Some investors decided to take profits in the afternoon, despite the rally doens't seem to stop. Prices have jumped 50 percent in the past year, and 15 percent in the last 30 days.
 
From a technical perspective, a close above $900 that would be seen as a bullish sign. But fundamentally, we are very cautious and would not suggest to go long now. There is a risk of $50 dollar correction at any time.

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bullish  gold  interest rates  ounce 




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