Gold recuperates as prices past 200-day moving average
October 15, 2015 4:53 am
Gold on Wednesday is recuperating from its reputation as a dead asset following it zoomed past its 200-day moving average for the first time in around five months.
The metal for immediate delivery settled at $1,183.33 an ounce. Prices hit $1,189.91, its highest since June 22.
Gold was slightly bolstered after a gauge of US inflation dropped by the most since January and retail data missed projection, amplifying bets the Federal Reserve will defer interest rate hikes this year.
The fact gold surpassed the 200-day average following five months indicates a firm signal the yellow metal “is on the uptrend for the time being,” said Bob Takai, Chief Executive Officer and President of Sumitomo Corp. Global Research.
The material has been provided by InstaForex Company – www.instaforex.com
Gold on Wednesday is recuperating from its reputation as a dead asset following it zoomed past its 200-day moving average for the first time in around five months.
The metal for immediate delivery settled at $1,183.33 an ounce. Prices hit $1,189.91, its highest since June 22.
Gold was slightly bolstered after a gauge of US inflation dropped by the most since January and retail data missed projection, amplifying bets the Federal Reserve will defer interest rate hikes this year.
The fact gold surpassed the 200-day average following five months indicates a firm signal the yellow metal “is on the uptrend for the time being,” said Bob Takai, Chief Executive Officer and President of Sumitomo Corp. Global Research.
The material has been provided by InstaForex Company – www.instaforex.com
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