Feb 22, 2013
Commodities Brief – Gold prices corralled ahead of FOMC
Gold prices rallied during European trading, topping out at the 1586.75 region earlier today. However Friday is a tale of two halves, and the second half of the day has mitigated the yellow metal’s gains, dragging it below its 20, 50, and 100-day SMA (technically known as the ‘Death cross’). Yesterdays data in the United States painted a grim picture, prompting the Fed to rethink its asset purchased. With the FOMC speech on deck at 15:30 GMT, gold is now trading negatively at USD $1571.65 per oz., establishing fresh lows in these moments.
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