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Mumbai, Feb 23 (www.GoldTradingCalls.com) Gold Price futures are trading near steady as investors pull the metal down from one-month highs overnight amid a waning tolerance for perceived riskier assets.
In recent trading, April gold was down $1, or 0.09%, at $1,121.10 an ounce on the Comex division of the New York Mercantile Exchange.
Gold Spot hit $1,131.50, its highest point since Jan. 20, amid physical buying in Asia, the repurchasing of previously sold positions in Comex gold and a rally in the euro. But the common currency then faltered on lingering concerns about the financial health of Greece.
Gold has been trading as a risk play against the perceived safety of the U.S. dollar in recent months.
Our Inhouse Quant model on Gold Trading calls in BLUELINE Superimposed on price chart clearly shows that Gold has made a lower intermeidate top on Feb 21 and should resume downward bias for next few weeks . We advise investors to be wary of being on the long side of the trade.
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