Gold may be "off to the races" if prices break resistance levels at $US950 to $US960 an ounce, according to Jeffrey Rhodes, a Dubai-based trader with International Assets Holding.
Prices may surpass $US1200 an ounce this year, more than the record $US1032.70 reached in March 2008, Rhodes said. Gold peaked at $US1006.29 this year on February 20. Gold’s support level is at about $US850 an ounce, he said. Support is where buy orders may be clustered and resistance is where there may be sell orders.
"A number that would get everyone very excited would be $US1005 an ounce," Rhodes said in an interview April 27.
Gold for immediate delivery has advanced for eight consecutive years, the longest winning streak since at least 1948. Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by gold, almost doubled in 12 months and overtook Switzerland as the world’s sixth-largest gold holding. Gold has gained 0.5% this year to $US886.55 an ounce at the close of trading May 1.
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Sitting Correctly Improves Height
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