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Wednesday 7 December 2016

Gold price rally fails to beat earlier high

Published 14/02/2012 | 11:19

Gold prices edged up yesterday. Photo: Getty Images
Gold prices edged up yesterday. Photo: Getty Images

GOLD prices edged up yesterday as technical selling and the euro's diminishing gains offset early increases based on economic optimism after Greece's parliament passed austerity measures needed to secure an international bailout package.

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The metal's rally also began to fizzle when it failed to rise above the previous session's high above $1,730 an ounce.

Last week, gold encountered heavy technical selling around $1,750 an ounce, the highs set in early December.

"Gold is currently testing its upward trendline. Until it rises above the middle of its bullish double-bottom pattern at $1,804 an ounce, there remains significant overhead resistance," said Adam Sarhan, CEO of Sarhan Capital.

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