Articles
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Gold price on verge of breaking 6-year downtrend
While iron ore and copper prices were marked down sharply on Tuesday, gold managed to turn around a weak start to the day to eke out a slight gain by the end of regular trading.
In brisk dealings on the Comex market in New York gold for delivery in June was exchanging hands for $1,294.10 an ounce, the highest close since November 4 and up more than 12% so far this year.
In a research note Ole Hansen, Head of Commodity Strategy at Saxo Bank, points out this long-term chart which shows how gold once again has reached a critical area.
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