Gold Strength Seen During The Week But Capped On Profit Taking
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Gold fell 1 percent during the final day of the week as the dollar gained across the board versus the other majors on a flight to liquidity. This came after the rumours regarding a potential credit downgrade associated with the euro-zone countries hit the markets. Standard & Poor’s subsequent rating downgrade of France, Austria and other nations was actually revealed as the financial markets were near to closing down for the week but even the earlier unconfirmed rumours motivated precious metal speculators to take early profits following this recent bullish upside movement for Gold. The early week price actionshould be interesting as the markets re-open on Monday as the real impact will be seen. This credit downgrade may already be priced in but the danger remains that a fresh wave of “risk off” markets could return.
Gold daily chart
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