Gold: Technical Traders Try $1,000 Again as Barrick Mining Turns “Positive” on Price After 21 Years

By Adrian Ash, GoldSeek

London Gold Market Report

THE PRICE OF GOLD rose above $1,000 an ounce as the start of US dealing drew near on Wednesday, only to fall back for the third time in two days.

Government gilt and bund prices fell as European stock-markets rose for the fourth session running. US crude oil futures added further to Tuesday’s 4.5% jump.

Rising earlier from Tuesday’s low at $993.25, the Gold Price mapped out a gently lower trend from yesterday’s 18-month high at $1,007.45.

“Last week we became bullish Gold on the break of the top of [the summer's] consolidation triangle at 965,” says today’s chart analysis from London market-makers Scotia Mocatta.

“Suggest raising stop-loss orders on long positions to 990.”

“The yellow metal needs a firm close above $1,000 to encourage fresh longs to the market,” reckons another dealer in its technical analysis.

“The massive acceleration higher by spot gold has seen the market chart new highs for the year,” says Commerzbank in its weekly note. Drawing a line from gold’s Jan. 1980 spike of $850 to last year’s top of $1,032, gold is “headed towards the top of the 38-YEAR channel at $1055,” claims the technical note.

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