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Gold holds early gains and awaits US ISM PMI

By FXstreet.com,  January 02, 2013, 07:11:00 AM EDT

FXstreet.com (Barcelona) - Gold is holding relatively steady around the highs printed right ahead of the European opening as the greenback was sold off on the improved sentiment post-US fiscal cliff resolution. The XAU/USD found its daily high at $1684.89 and is currently trading $2 lower. Still, much higher than Dec-31 close, at $1675.25.

Investors will now await the US session and the release of the US ISM December manufacturing PMI to speculate on the Fed's next moves. Market consensus points to a return to expansionary momentum, from 49.5 to 50.2.

"Based on the Stochastic indicator a bullish movement might not be expected while the bears took control of the pair and are currently pulling it down to the former support line", wrote Varengold Bank analysts, observing Gold bouncing from 1635.40 support line on the Dec-21.




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, Forex and Currencies

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