Monday, June 28, 2010

Gold Prices Near Record, Pull Back Before Noon

In typical fashion at the beginning of a day when gold prices move upward quickly, as it approaches about 11:00 or a little after, they always plunge, as traders sell their investments quickly to get a quick profit.

Normal behavior is prices will usually start to rise again right after 12:00 PM EDT.

Prices reached as high as $1,259.40 an ounce on the Comex division of the New York Mercantile Exchange before pulling back. It'll be interesting to see if it can overcome the plunge below $1,249 an ounce a test out record levels again.

After a level performance last week, as gold prices plunged on Monday after record prices, they were flat until they rebounded on Friday. It seems they could be poised for another run after their lackluster performance last week.

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