Gold Rising On Inflation Fears |
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Gold saw another rally this week as $126/barrel oil spurred fund managers to seek new hedges against inflation. However 889.55 remains a solid resistance level for now. If price manages to break above, the near-term target could be 905.35 - with additional resistance waiting at 892.82 and 896.85 A bearish divergence and turning stochastics on several timeframes suggest a period of cooling may set in before we see new highs. Support is expected at 869.35, 865.10, and 860.85
Filed under: Futures
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