Gold ETFs at record high of 65,697,224 ounces

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Gold prices may trade between $1,180 and $1,220 this week. The impulse to see if gold can be pushed below $1,180 was met with fresh long demand last week, leading the shorts to back off and reverse their positions on a short-term basis.

A fresh run at $1,180 may be expected, and may be similarly repelled. On the up side, gold prices could rise sharply higher this week.

There may be some profit-taking and fresh short selling if prices stall below $1,215 or $1,220. If prices break above $1,220 fresh buying could quickly push gold to $1,230, or even higher.


Gold fabrication and investment demand are entering a seasonally weak period, which is expected to weigh on the price of the metal.

Combined gold exchange traded fund ( ETF ) holdings rose 78,000 ounces in one week to a record high 65,697,224 ounces on 7 July. The rate of net additions to gold ETFs has slowed, reflecting a reduction in investor economic concerns.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

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