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Gold has lost its shine today as risk appetite returned to market, pushing the yellow metal lower. Gold has gained sharply over past few trading days from $1100/troy ounce to $1157/troy ounce. The move has been quite significant given the fact that it came in the back of emerging market turmoil and equity sell offs.
This year, until last week, gold has failed to rally in most occasions of risk aversion, even failed to gain over Dollar's weakness. Naturally a change in the pattern demands clear attention to see whether this is a one-time affair or Gold is gaining back its old lustre, given the uncertainty in world economy.
Gold overall is clearly in downtrend and price is falling in line with downward channel since April, 2013.
Technically speaking, given the psychological importance of $1000/ troy ounce mark, Gold might reverse from here, but it is still too early to say if such a case has arrived. That is because, gold is still not in great demand as investment product and slowdown in China might reduce the demand for physical gold.
Gold is currently trading at $1143/troy ounce.
