Gold Price Surges to Record Highs



Testing its December 2009 highs as the precious metal benefits from its win-win position, gold is surging higher today. Gold is in a unique position right now and is a desirable purchase because it is hard to find stability anywhere at the moment where investors are questioning the potential effectiveness of the EU’s rescue package. In addition, China’s SCI has officially entered a bull market and the UK parliament is having an intense negotiation. This makes gold a safe haven.

The data wire will pick up tomorrow and considering the amount of news stories floating around, the combination of key data could make for another active 24 hours. On the downside however, gold has multiple uptrend lines serving as technical cushions together with intraday lows and the highly psychological $1200/oz area. Gold is starting to run low on technical barriers and this is a positive sign concerning near to medium term.

Source:Gold Tests Record Highs | CountingPips: Forex News: