Comex Gold future reached its highest ever price at 924.80 on Friday's session, closing at 910.7 just below the green trendline. It is likely that soon Gold will break upwards again for several reasons. First of all the Feb gold is going to expiry in few months and all the liquidity will move to the more expensive (higher time value) April expiry. Power shortage in South African mines halted production of a big mining company on Friday and further power cuts are expected to reduce the output. This influenced Platinum price also (highest ever touched). Moreover there is still speculation on another Fed cut on Wednesday. Some analysts expect another 0.25 point that would certainly move the price up to a new high. We have seen a weak S&P on Friday's session that could influence Fed's decision. First resistance 934.00 $.

 

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