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Commodities Brief – Gold prices rebound Friday amidst the indecision surrounding the US stimulus program
2/22/2013 3:48:00 AM
Gold prices rebounded on slightly Friday during overnight
trading, extending on the tepid advances made Thursday, after which
a tranche of economic indicators in the United States pointed to an
uneven recovery in the world's largest economy. Perhaps far more
importantly as of late for the yellow metal, hopes were raised that
Federal Reserve monetary stimulus would continue. Earlier today,
prices peaked at 1586.75 before ultimately waning during European
trading down to the 1580 region. However, in recent moments, Gold
prices have rebounded towards USD $1582.75 per oz. at the time of
writing, with the 20 and 50-day SMA acting as temporary resistance.
Looking ahead today, the division amongst US policymakers on
whether it should halt its stimulus program should continue to
weigh heavily on gold`s inflation hedge appeal.