Earlier this week, gold hit a record high above $3500 but that led to a powerful round of profit taking into Wednesday's trading in the US. That's since stabilized and the US dollar was soft again earlier in US trade. Now we're seeing fresh signs of Asian demand.
The first line to watch is whether gold can hold above yesterday's Asian high of $3367 and then I will be eyeing the 50% retracement level at $3380, followed by the all-important $61.8% level at $3409. That would be a big hill to climb before the weekly close and imply a further $42 rally from here.
If that were to happen, it would be a powerful dip-buying signal and sign of a strong appetite from real money gold buyers.
This article was written by Adam Button at www.forexlive.com. Read More Details
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