The price of Gold spiked yesterday in excess of 1680.00, before ultimately heading lower again to end the trading session in the all too familiar negative territory once again. According to the ICN.com analyst team, "the yellow metal recorded a low at 1666.00 just above our initial target at 1663.00. In general, pricing movements suggest a bearish step that is still valid for the duration of the day and will continue to be so as long as 1695.00 level is intact."
Presently, the price of gold has settled in the region of USD $1670.25, down $2.15 Wednesday. The ICN.com analysts point to supports at the 1670.00 level, onto 1666.00 and finally 1660.00. On the ascension, gold prices will encounter means of resistance at 1680.00 (February 5 high), followed by 1685.00 up to the 1695.00 region and key crossover.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
