Wednesday, 19 October 2011

Gold erases intraday losses

Wed, Oct 19 2011, 13:46 GMT | (Córdoba) - The yellow metal cut intraday losses and continued to move away its weekly lows after data showed US consumer prices came in line with expectations in September, while housing starts jumped above forecast last month.

Gold climbed near $14 to $1,660 an ounce during the American trade. The precious metal is currently trading at $1,655 virtually unchanged since opening and up 1.8% from its weekly low hit on Tuesday. The price action follows a loss of 1.4% for gold the previous day.

According to Anton Kolganov, analyst at ForexMillion, the metal is trading along a sideways trading pattern. "A downtrend will start as soon as the pair drops below support level 1651, which will be followed by moving down to support level 1637. An uptrend will start from support level 1637 and as soon, as the pair rises above resistance level 1662, which will be followed by moving up to resistance level 1676".

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