Loading ...Gold nearing £1000 in Sterling again. Crucial zone is £959-1005.
To my surprise, gold is nudging up against £1000 in pounds sterling as of 16 January, very soon after re-taking the £959 level last week. Tonight’s close is £997-998. This is well up the crucial trading zone between $959 and £1005.
In round numbers, we are very close to gold $1200, gold £1000 and GBP = $1.20.
Here is the narrative in charts of the bearish move of late 2016 and then the recovery up until last Friday:
Theresa May lays out her Brexit strategy later today. Sounds like no half measures. Out means out. Could this propel gold above that support/resistance zone again ?
OK, maybe not lol.
Heehee, thanks Northstar. I wondered if gold would pop over 1000 GBP today but it went down to 980. Buy the rumour, sell the fact then. That was always a possibility since the media have been pumping the proposed contents of May’s speech over the past week.