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Wednesday Asian Gold Update from Qualified FX with Chris Nolan
Gold lost some ground today after what started as bargain-hunting ended and investors started to worry about the world's economy but the upcoming festive demand from the world's top consumer of the yellow metal is likely to help prices rise again.
Vice President of Trading, Chris Nolan said today "Many investors seem to perceive that failing to overcome the $1,800 barrier means that there is no steam left in the gold train but here at Qualified FX we believe that gold has much more in the way of new highs to attain."
In Asia gold reached a high of $1,714 but settled around $1,708 which is not too far above its weakest in over a month. Gold hit a high of about $1,714 an ounce and was steady at $1,708.20 by 6.17am GMT, not far above the previous session’s low near $1,703 which was its weakest since September 7.
"There is certainly some support to be seen at around $1,700 but we are not worried about that and after the elections we are likely to see some action on the positive side." says Chris Nolan, the newly appointed Vice President of Trading in Tokyo, Japan for Qualified FX.
The current two-day meeting being held by the Federal Reserve may seem important but nothing is likely to change in the run up to the U.S. elections.
"The Fed's program of buying mortgage-backed debt gave gold a boost a while back but really this is nothing, the real meat in the sandwich is coming up and betting against gold would simply be foolish. What we actually have here is an amazing opportunity to buy as cheap as possible."
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Page Updated Last on: Oct 24, 2012