Syria fears pushes Gold higher to $1427 levels
Trading far above the exponential moving average of $1364, gold could be in for some short-term correction at $1460-75 levels before its journey ahead, Sreekumar Raghavan said.
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US Gold futures for December delivery has risen to $1427.7 on electronic trading on Wednesday and looks poised for further growth ahead on likely US attack on Syria.
As this analysis is being compiled, US Gold futures have climbed further to $1432.6, however, an RSI of 75.04 suggests bullish, overbought territory and MACD is quite positive, according to Sreekumar Raghavan, Chief Strategist at India-based Commodity Online Group.
In India, sharp depreciation of the Rupee has caused gold prices to climb in both futures and spot markets and upcoming festival, wedding season is expected to give firm support to prices, he added.
"Gold has been an interesting market to watch over the last twelve months.Seeing it fall from grace as it tested $1800/oz. last October and began to take the elevator down as sellers kicked it up a notch in April and June with massive sell offs. We could see the severity of the decline,"
Trading far above the exponential moving average of $1364, gold could be in for some short-term correction at $1460-75 levels before its journey ahead, Sreekumar Raghavan said.
As Obama's administration builds a case for a likely military action in Syria, several analysts said such a move probably would not have lingering negative consequences for the president at home - as long as the intervention was short-lived, according to a Reuters news analysis. However, Reuters polls showed that 60% of Americans are against US interventiion in Syria, while just 9% support it.
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