Tuesday, June 22, 2010
Gold pulls back capped by $1,256.00
Spot Gold retreated from all-time high at $1,265.00 as it currently undergoes a downside correction which led to pare all gains seen earlier on Monday. Prior to the downleg, the yellow metal tested higher levels, mainly weighed by the POBC decision to a more flexible USD/CNY.
After surpassing former historic high at $1,262.00, gold quotes were boosted an extra $3 to reach a new record high at $1,265.00. However, alarmed investors panicked due to the rapid acceleration and the rally faded to currently stay down at $1,256.00 region.
At Precise Traders, Rajoo C commented on interesting zones to take into account: “Bulls: 1,250.5, 1,241.5, 1,232.5. Bears: 1,262.5, 1,268.5, 1,277.5. Today's Strategies: Long near 1,251.5, 1,241.5 with a tight stop and 6-8 pts price targets”.