Gold Prices Hold Near 4 – Month Highs – Outlook Positive
Jan, 16th 12:55
Gold prices remained supported near their highest level in around four months in early dealings on Tuesday, as demand for the U.S. Dollar continued to weaken. Gold prices are currently at $1,332.
Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
Meanwhile, silver futures rallied 12.9 cents, or about 0.8%, to $17.27 a troy ounce. It hit a three-month high of $17.42 on Monday, further supporting the precious metals complex in general. Currently on the technical charts, Gold has pulled back and is trading in the negative zone, but above all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The RSI is at 68.55 and the MACD is above the signal line.
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