Gold may see resistance at USD 905/oz
April 7th, 2009
Gold has declined 5% in the last week, is trading at 2.5 month lows right now and has declined nearly 1% in the day today as well, it has been the breach of USD 900/oz and then USD 880/oz on the lower side and that has really made this commodity quite on the bearish side. We have seen ETF holdings also ease off and people have been taking profit out on that as well, the safe heaven demand has been diminished and we have seen risk appetite increase in investors today and it has been currencies like Japanese Yen and the US dollar which have taken a hit and other Asian currencies and commodity have actually taken on the higher side.