Gold rises for the third session today

Gold price technical analysis 17 - June, 2013

 

Gold rose on Thursday, extending a rally for the third straight session as hopes for strengthened measures to stimulate the large central banks to revive the ailing global economy attractive gold as a hedge against inflation.

Gold climbed on Wednesday to its highest level in three weeks, supported by expectations that the European Central Bank intervened to support the ailing public finances for the euro zone after the proposed official rescue fund lending to strengthen its capacity.

Said Chen Min, an analyst at China Futures Janroy “the problems of public finance in Spain as well as weak data from the region made investors believe the ECB will intervene, but the basis of this rise is solid.”

“It is still the position of the Federal Reserve (Fed) vague on further monetary easing has not worsened the economic situation a lot. As a result, the opportunities for the rise of gold is not great now.”

And increased the price of gold in the spot market 0.1 percent to 1605.89 USD/Troy an ounce of gold by the time 0646 GMT, after rising to its highest level in three weeks, surpassing the 1609.91 dollars on Wednesday, its biggest daily percentage increase in nearly a month.

Contract fell U.S. gold futures for August delivery was 0.2 percent to 1605.30 USD/Troy an ounce.

Silver rose 0.22 percent to the instant of $ 27.38 an ounce, while platinum rose about 0.6 percent to 1399.75 dollars and palladium 0.35 percent to 563.99 dollars an ounce.