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Friday, July 9, 2010

Gold Prices Today Finish Highest in Four Days

Even though the pressure was on for gold throughout the last week, gold prices today finished at their highest level in four days, and didn't move much below or above the $1,200 an ounce mark.

Gold futures for August delivery on the COMEX increased by $13.70 to end the week at $1,209.80 an ounce.

So continued support at around $1,200 an ounce either way continues, and that's a good sign going forward, flying in the face of the clueless commentators that attempted to paint the economic condition as rosy as the reason gold prices have plunged, even though the underlying fundamentals haven't changed in any way.

What is interesting for gold prices at this time, is it has found resistance going up or down right around $1,200 an ounce, and when it attempts to move either way beyond around $10, it seems to pull back and swing with that range.

In other words, gold prices have leveled, and this indicates in the short term that there's nothing really happening to give guidance to the price movement of gold, even though in the long term economic weakness, government policies, and central bank practices will continue to drive up the price of gold.

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