Gold Advances On Middle East Fears

It seems gold has been catching some bids lately with the stories out of Syria as well as the possible Fed taper take hold of the markets. With gold up nearly 20% from its 2013 low, this is the topic of my TraderPlanet article for this week.

Here’s a piece:

This morning we are seeing a surge in gold prices with the fears of the U.S. attacking Syrian forces. Yesterday I was quoted in MarketWatch as saying $1417 was the level of resistance gold need to break in order for us to have a chance at seeing $1500/oz. I didn’t think we would be testing that level today, but it looks like the fear from the Middle East did the trick.

Read the rest: Gold Advances On Middle East Fears (TraderPlanet)

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About Andrew Thrasher, CMT

Andrew Thrasher, CMT is a Portfolio Manager for an asset management firm in Central Indiana. He specializes and writes about technical analysis as well as macro economic developments.