Gold On Verge Of Posting First Positive Year Since 2012

Gold is looking likely to finish the year positive for the first time since 2012, according to Frank Holmes writing in Forbes today.  Holmes points to the weaker US dollar, the probability of near-zero interest rates for the remainder of the year and a seasonal increase in demand as underpinning the positive momentum.

“…the yellow metal broke above its 200-day moving average and is close to erasing its 2015 losses. This could be the price reversal many gold bulls have been expecting”.

Holmes highlights the so-called US dollar “death-cross” which occurs when the 50-day moving average crosses below the 200-day moving average, an indicator that is “widely recognized as the start of a bearish trend” and not seen since September 2013.

This  may be  indicative of a downward trend for the dollar that would be good news for gold, allowing it “the breathing room it needs to reach the important $1,200 resistance level”.

Read more on the GoldCore.com blog

DAILY PRICES
Today’s Gold Prices: USD 1173.70 , EUR 1032.87 and GBP 747.86 per ounce.
Yesterday’s Gold Prices: USD 1171.65 , EUR 1032.93 and GBP 757.86 per ounce.
(LBMA AM)

IMPORTANT NEWS

Tough liquidity rules could push more banks out of gold – LBMA – Reuters
Gold struggles after 3-day losing streak as dollar stands tall – Reuters
Gold suffers from biggest one-day loss in more than two weeks – MarketWatch
China mounts gold liquidity grab as London market reforms – Reuters
Gold Drops Most This Month as Builder Gains Revive Rate Concern – Bloomberg

IMPORTANT ANALYSIS

Gold On Verge Of Posting First Positive Year Since 2012 – Forbes
The Fundamental Flaw of ‘Mainstream Economics’ – Plata.com
Why we shouldn’t borrow money from the future – World Economic Forum
Gold Shows Strength as Debt Ceiling Showdown Approaches – Money Metals Exchange
Will Gold Finish 2015 with a Gain? – GoldSeek

More News & Commentary from GoldCore.com

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