At the close of trading on the New York Mercantile Exchange early this morning gold futures prices posted a sharp drop (08/12). Gold prices drop biggest in seven weeks as rebounding stock markets and increase the allowable margin for gold transactions in the New York Mercantile Exchange.
The price of gold has indeed been shown to have a correction signal when the RSI skyrocketed to the top level of 70 dollars per troy ounce. Pressure on profit-taking after prices rose above that level through to 1817 dollars in Asian trading session yesterday afternoon. Meanwhile, the improving economic data As a little pressure to pursue the safe-haven assets.
The price of gold futures for December delivery contracts appear to have decreased by 32.8 dollars (1.8%) and closed at 1751.50 dollars per troy ounce. This was the biggest decline since June 23. The price of gold in Asian afternoon trade session looks had skyrocketed to a level of 1817.60 dollars per troy ounce which is the highest position in history.
the price movement of gold will still proceed with a significant increase despite the current look is experiencing a correction. Tracked the movement of bullish gold prices are still very solid. Gold has the potential to test the resistance level is quite strong on the position of 1825 dollars per troy ounce.
