• Power to Gordhan

    SONA 2016 has set it all up for Pravin Gordhan, it shows just how powerful he may be, says Daniel Silke.

  • Inside Labour

    The history of Valentine Day cards gives a glimpse of how technology resulted in job cuts, says Terry Bell.

  • Courage to do right

    A number of factors will impede Zuma’s opportunity to have a ‘Lula moment’, says Prof Dirk Kotze.

All data is delayed
Loading...
See More

Gold above $1 750

Nov 25 2012 19:05
New York - Gold rose above $1 750 an ounce for the first time in five weeks on Friday, gaining 1.3%, as a drop in the dollar and options-related buying triggered a technical breakout.

After trading slightly higher throughout early US dealings, gold surged suddenly to above its 50-day moving average, a key technical resistance it had failed to breach in more than a month.

Analysts said on Friday's gains could lead to a test above the more formidable $1 800 level, which bullion has not seen since its rally to a record $1 920.30 in September 2011.

"It's definitely a technical breakout above the 50-day moving average for the short term. If we break above $1 800, the next real significant resistance will be the prior all-time high near $1 900," said Adam Sarhan, CEO of Sarhan Capital.

Bullion also tracked higher with US equities as both markets posted sharp gains in abbreviated sessions after the Thursday's Thanksgiving holiday. For the week, gold gained 2.3% after losing 1% last week.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

commodities  |  gold

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Will Jacob Zuma's State of the Nation speech help SA avoid "junk" downgrade?

Previous results · Suggest a vote

Loading...