Gold Exchange Sees Gains Posted by James Randolph on March 08, 2010
March 6, 2010 – In spite of a positive US jobs report and a favorable PMI score, gold exchanges saw gains for the week as people exhibited increased investment interest. Gold for March delivery closed at $1,142.70, while April delivery stood at $1,135.20 and May delivery finished at $1,118.90 per ounce.
The Labor Department reported that non-farm payroll shed a less-than-expected 36,000 jobs, and the Purchasing Managers Index was released which exceeded the expected 51.0 percent to post a 53.0 percent score, indicating economic growth. As Dan Norcini reported for Mine Set, “Gold put in a decent performance today which coming on a Friday with a jobs report being released is actually encouraging.”
Gold exchanges and traders alike are watching price movements as yesterday’s close was up $1.90 to finish at $1,135.40 per ounce. Technical analysis of resistance points show the next one to be just above $1,150, the last point that stands between current prices and a rally that could retest the $1,200 level.
In addition to the resistance points, other technical indicators suggest increasing prices at the gold exchange. Gold is currently trading above all of the major moving averages, which indicates that it is bullish. In addition, the Relative Strength Index is at 60.47; numbers higher than 40 suggest that gold is oversold and likely to rise in price. With gold holding above the $1,130 mark and August and September futures near $1,200 per ounce, many investors are looking for prices to continue their climb.
Senior Staff Writer – Certified Gold Exchange