GOLD reached an 18-month high today, trading recently at $1,015.85/Oz.
James Moore, analyst at TheBullionDesk.com said that it had closed yesterday in a buoyant mood following comments from Fed Chairman Bernanke suggesting recession in the US could be over.
"Gold held ground around the $1,000 level initially yesterday but succumbed to pockets of profit taking in European and early US trade, dipping to a low of $992.50. Dip buyers supported the metal across the day though with gold rallying towards the end of the day as the EUR/USD cross- pushed higher.
"Gold hit a late high of $1,009.85 and has made a strong push higher in European trade this morning clearing $1,015 after stop-orders were activated," Moore said.
"The dollar looks set to provide further direction while today could be the day gold sets a new all-time high as clearance of the $1,018-20 area triggers further stops and technical buying interest," the analyst concluded.
