Feb 22, 2013
Commodities Brief – Gold prices rebound Friday amidst the indecision surrounding the US stimulus program
Gold prices rebounded on slightly Friday during overnight trading, extending on the tepid advances made Thursday, after which a tranche of economic indicators in the United States pointed to an uneven recovery in the world’s largest economy. Perhaps far more importantly as of late for the yellow metal, hopes were raised that Federal Reserve monetary stimulus would continue. Earlier today, prices peaked at 1586.75 before ultimately waning during European trading down to the 1580 region. However, in recent moments, Gold prices have rebounded towards USD $1582.75 per oz. at the time of writing, with the 20 and 50-day SMA acting as temporary resistance. Looking ahead today, the division amongst US policymakers on whether it should halt its stimulus program should continue to weigh heavily on gold`s inflation hedge appeal.
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