Gold Grinds over 1230


Gold got the anticipated “G20” early month lift at open today following Fridays monthly close over the important $1220 level. The weakening US dollar, relief rally in Asian equities  both added to demand for Gold. The Asian session breached $1225 and follow through buying continued through the European session and into the US open. R2 and new “line in the sand” at $1230 was also tested, breached and eventually broken. R3 at $1235 is pushing the price into over bought territory and the more significant daily resistance area. The October high was $1243.50.

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Stuart Cowell

Head Market Analyst


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