Gold to Reach New Records Medium-Term - Gold is facing near-term technical resistance slightly below record levels of $1,912.29 a troy ounce, but its medium and long-term bullish trend remains intact, according to Standard Chartered Commodity Analyst Judy Zhu.
“We're pretty bullish, we expect gold to make new records in the medium to long term,“ she says as gold trades above $1,900/oz. Spot gold is at $1,903/oz, up $2.70 from its previous close.
The yellow metal will likely see near-term volatility and bouts of profit-taking above $1,900/oz, she says, but adds that gold remains one of the only remaining safe-haven assets amid increasing macroeconomic uncertainty due to the euro-zone debt crisis and slow U.S. growth.
“People might take profits but they're going to have to buy it back; if you believe the global economy is going to get worse then you're going to buy gold,“ she says.
Via : Kompas
“We're pretty bullish, we expect gold to make new records in the medium to long term,“ she says as gold trades above $1,900/oz. Spot gold is at $1,903/oz, up $2.70 from its previous close.
The yellow metal will likely see near-term volatility and bouts of profit-taking above $1,900/oz, she says, but adds that gold remains one of the only remaining safe-haven assets amid increasing macroeconomic uncertainty due to the euro-zone debt crisis and slow U.S. growth.
“People might take profits but they're going to have to buy it back; if you believe the global economy is going to get worse then you're going to buy gold,“ she says.
Via : Kompas
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