James Briggs, a Senior Broker at Qualified FX in Japan understands why investors are exercising caution at the moment but is much more bullish than most on the yellow metals future in the coming months. James says "I'm less concerned about the numbers coming out of the U.S. and more concerned with the continuing European Debt Crisis which only helps the price of gold."
Support & Resistance
Gold has been looking for support at $1,688.85 per ounce, which is the yellow metal's low from September 7th. Resistance is at $1,754.95, the October 17th high.
The two-day summit held in Europe came to an end Friday without any news that helped investors regain confidence.
There is an expectation that the markets are likely to be subdued in advance of the coming weeks U.S. data which includes monthly new home sales, durable goods orders and GDP figures from the third-quarter.
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