23 Dec 2013
Golden trading range extended
FXstreet.com (Chicago) – Gold stalls, as do most futures contracts, in the afternoon of a slow American trading session.
No major price action for the contract that extends parallel movement after last week’s reversal consolidation amid positive stock markets in the US. Still around the $1,197.90 front, gold’s capped below the $1,200. Last week, its price fell considerably after the Federal Reserve made public a decrease of the bond-buying program by $10 billion. In terms of psychological interpretations, market participants drove the price to 4-month lows assuming an implied improvement in economic performance and risk control.
At the moment, gold trades at $1,197.90 printing lows at $1,191.80 and highs at $1,205.60. As noted in Market Watch by Julian Jessop from Capital Economics“Looking back, 2013 was of course a disappointing year for the price of gold. But the first half was much worse than the second, suggesting that the worst of the slump may now be over”.
No major price action for the contract that extends parallel movement after last week’s reversal consolidation amid positive stock markets in the US. Still around the $1,197.90 front, gold’s capped below the $1,200. Last week, its price fell considerably after the Federal Reserve made public a decrease of the bond-buying program by $10 billion. In terms of psychological interpretations, market participants drove the price to 4-month lows assuming an implied improvement in economic performance and risk control.
At the moment, gold trades at $1,197.90 printing lows at $1,191.80 and highs at $1,205.60. As noted in Market Watch by Julian Jessop from Capital Economics“Looking back, 2013 was of course a disappointing year for the price of gold. But the first half was much worse than the second, suggesting that the worst of the slump may now be over”.