Gold futures losses are expected to remain limited

Gold futures traded lower this Thursday. However losses seem likely to remain limited since ongoing concerns over the financial stability of the Eurozone support safe haven demand for the precious metal. On the New York Mercantile Exchange Comex division, gold futures for June declined 0.13% to 1,605.15 USD per troy ounce. Gold futures were expected to test support 1,591.20 USD, Wednesday’s low and resistance at 1,613.46, Monday’s high. Gold prices continued to be supported as Cypriot banks prepared to open for the first time in almost two weeks, with capital controls in place to avert a run...

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Gold prices drop despite German confidence data

On Friday, Gold prices dropped despite confidence German confidence data. Consequently investors opted for the Euro and equities over gold in a risk on trading session. On NY Mercantile Exchange’s Commodity Exchange division, February golf futures dropped 0.72% to 1,657.85 USD. Gold futures futures were expected to test support 1,653.55 USD a troy ounce which is lower than on January 11th and resistance at 1,695.85 USD which is Tuesday’s high. Earlier on Friday, the IFO institute for Economic Research said that the German business confidence’s index improved from 102.4 in November to 104.2...

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