Gold reversed early losses on Friday, hitting fresh two-month highs on strong buying from China and short covering after breaking through key technical levels, pushing the metal to its biggest weekly gain in a month. Gold dipped early in Asian hours after strong U.S. data indicated the Federal Reserve could soon start tapering its massive stimulus, but the positive momentum from the last few days sidelined bears. The metal has gained for the last seven sessions out of eight, spurring rare inflows into the top gold exchange traded fund, although the longer-term trend has been negative. "These levels are largely technically driven. They are unsustainable," said Mark Keenan, cross-commodity research strategist at Societe Generale in Singapore. "This does not change our underlying bearish forecast and we see this as a selling opportunity."
Posted on: Fri, 16 Aug 2013 05:51:09 +0000
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