Gold trades at $1224 per oz in Tuesday session today after a brief drop from profit taking. Base forming at around $1200 recently had brought media attentions to the gold bullion. While traders tried to guess the price trend based on various technical charts, the market is driven higher by nervous investors for the  safe haven properties of the metal. Low crude oil price is also another supporting factor for the recent hike In bullion price. While Chinese currency continues to trend lower against US dollar, investors  are scrutinizing every single economic data coming out of China. We anticipate a prolonged period of concern due to a slowing Chinese economy and which it will influence the world economy heavily. In the bullion market, we expect gold to be traded between $1220-$1260 per oz in the near term and won’t be surprised to see gold pops higher overnight due to unexpected market news. 

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Thursday, 11 February 2016 10:10

Gold Hits 12-Month High at $1256/oz

Gold hits another near term high on Thursday morning session at $1256 per oz as traders seek safe haven assets. Gold jumped $57 within 24 hours of trading while the whole world panicked. We believe that widespread risk off mode provides a firm support for gold prices in the near term. Meanwhile, most traders expect more tightening in 2016 and the risk of recession or slowdown in US economy may trigger another round of stock market meltdown. We continue to suggest holding on to gold and silver bullion while the global market undergoes another round of turbulence. 

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Gold and silver finally got their fair share of attention since the beginning of the year. Gold  trades at $1141.25 per oz and silver trades at $14.68 per oz in Wednesday afternoon session. Both metals gained significant attention due to the turmoil in the equity market and geopolitical tension. Negative rates around the world also fueled the demand of both Gold ETF and physical gold. Gold and silver bulls gained momentum on the uptrend and building solid bases amid weaker US dollar index. In the midst of low crude oil prices, we expect gold bullion prices to continue on the uptrend between $1130 -$1160 per oz in the short term. In the forex market, USDCAD down 2% on Wednesday and trades between 1.378-1.410.  Technically, USD is deep in downward momentum (24H MACD). We anticipate a short term bottom at 1.341-1.348 before resuming a long position in USDCAD. 

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