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Today gold price is gaining ground as tension over China market eased somewhat. It seems gold might also be benefiting from safe haven bids.
What's driving gold higher?
- Metals as well as other commodities are moving up today as a whole. WTI crude is up more than 3%, while Brent is up more than 2%. Copper is trading at $2.56/pound, up 2.8% today. Naturally Gold is also gaining ground up close to 1% today.
- Gold might be receiving some safe haven bids as we headed another crucial weekend, where Euro zone officials has given time line ultimatum to Greece.
Trade idea on Gold -
- Short Gold targeting $1100 area, however in very near term gold might move up. However we see these advances as opportunity to increase shorts and improve average selling price. Stop loss for the trade is around $1205 area.
- It is advised not to sell gold at abrupt price but only at or very close to resistances. Resistance lies at $1173 and $1190.
