Gold could pare this week's gains: RBC
Gold | 2012-07-28 01:21:47
After a strong week of gains that pushed gold prices over $1,600 an ounce for the most-active August futures contract, Comex gold may succumb to profit-taking on Friday, said RBC Capital Markets in a snippet.
By Paul Ploumis
NEW YORK (Scrap Monster): After a strong week of gains that pushed gold prices over $1,600 an ounce for the most-active August futures contract, Comex gold may succumb to profit-taking on Friday, said RBC Capital Markets in a snippet.
George Gero, precious metals strategist at RBC stated that, “technically we improved somewhat by staying over the moving averages, but today is Friday, evening out day, and we could pare gains.”
Since the release of U.S. gross domestic product data, gold prices have pared their overnight gains.
As of 9:08 a.m. EDT, August gold was up $6.70 to $1,621.90 an ounce, although down from an earlier high of $1,628.60 that was its strongest level since mid-June.
