FXstreet.com (Córdoba) - The yellow metal trades steady above $1530 an ounce and has risen to daily highs beyond $1545/oz amid a weaker US dollar.
Gold price fell to a low of $1532.75 during the European trade but bounced strongly and has accelerated within the last hour, marking a high of $1547.20 so far, its strongest since June 9. At time of writing, gold is at $1543.50 an ounce, 0.32% above today's opening.
"Having recovered off the 1,510.80 level to close higher for the week, we are now looking for Gold to strengthen further in the new week. This development should open up further upside towards the 1,553.59 level, its Jun 06’2011 high. A cut through that level will target the 1,576.20 level, its 2011 high with a break resuming its long term uptrend towards its psycho level at 1,600 and then the 1,650.00 level", said Mohammed Isah, analyst at FXTechstrategy.
As for silver, the gray metal has risen back to daily highs above $36.00 an ounce after bouncing from lows around $35.25. Currently, silver price is barely above $36.00, recording a 0.50% daily gain.
