|
Gold prices fell on Wednesday as investor appetite for riskier assets such as equities and crude oil recovered slightly, denting demand for bullion, often considered a safe haven. Spot gold fell 0.6 percent to $1,265.75 an ounce. In the previous session, it hit $1276.67, its highest since Oct. 5. Earlier in the session, gold was stronger as disappointing results and forecasts from major U.S. companies continued to weigh on the European and Asian stocks. Mixed results from Europe's banking sector and declines in mining and energy shares pushed the pan-European index lower. Gold prices fell again as stocks rebounded on changing risk appetite. On chart, gold closed at $1,265.90 an ounce on Wednesday, paring all gains recorded yesterday. It still hovered around the 200-day moving average of $1,272.27, with resistance at around $1,276 in near term. Investors may closely watch the movement around this level. A breakthrough may break the rangebound pattern, and trigger an upturn trend. The level of $1,250 may continue to provide a floor.
Silver fell over 1 percent at $17.63 an ounce on Wednesday, snapping its 3-day winning streak. On chart, silver remained rangebound with support at the 200-day moving average of $17.39 in near term.
Dealing Room, ICBC Beijing Branch
Li Nan
Note: The information herein is provided for informational purpose only. You are liable for the risk incurred to the investments based on this information provided herein.
|
