Market Leader informed
Gold started getting cheaper again after reaching its new historical high during the trading session in London when the current market price of gold reached an incredible level at 1,390.18 dollars per ounce. Howard Friend, Leading Analyst at MigBank, a forex broker, points out that this is a record that broke a recent historical high at 1,389.60 dollars per ounce.
During the trading day at Comex in New York the price went down. December futures cost 1,390.0 dollars per Troy ounce or 0.6% less than the price registered in London.
Gold prices stabilized primarily in the context of the dollar that started gaining ground against all other global currencies.
According to So Kazuhito, Chief Analyst at Japanese brokerage company Fujitomi, it is the dollar that will begin to affect the situation in the markets because prices of most commodities, including gold and silver, are based on it.
As compared to US major trading partners the dollar added 0.39% and, in terms of the single European currency, went up to 1.3907 per euro.
The gold reserves still remain popular. Robert Zoellick, President of the World Bank, repeatedly confirms his agreement with this premise in his article in The Financial Times. It is gold that can be used as a value equivalent for any currency during any trading activities, in any markets and in any situation.
The economic and financial instability of recent years also strengthened the position of gold in markets and was the driving force behind its appreciation: it grew by 21% since the start of 2010 alone.
Gold
After breaking a level at 1,387.1, the gold price formed a bullish Weekly level Fractal-Zigzag Reversal (FZR) within the continued increase of the price of one Troy ounce. Currently an H8 level FZR starting at 1,315.0 has been formed within the new Weekly a(C)/C wave.
So, the Faculty for Learning of the Masterforex-V Trading System believes that the rising tendency of gold remains in place. The next major resistance is at 1,414.3, an interim level before the next psychosocial figure at 1,500 dollars per Troy ounce.
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