Gold Moves In Narrow Trading Range

Learn Commodity :Gold Moves In Narrow Trading Range, Gold prices traded rangebound since the European session on Thursday, as concerns that the euro zone continues at some data ahead of key U.S. tonight, including data on manufacturing, housing, and unemployment statistics.

Observed so far spot gold prices edged up 0.10% at $ 1,608.41, compared to the previous day at $ 1,606.89 per troy ounce.

FOMC did not change its monetary policy easing as expected, the vote was 11 to 1 to keep the direction of the Fed's easy money policy to not change. However, there are factors that suppress the gold after the Fed said that the central bank is quite aware of the dangers that can be caused if the easy money policy is too excessive and therefore the Fed will continue to watch the progress of economic growth.

Technically, there is a death cross technical signal on gold since the 19th February that caused a slightly negative investor sentiment, which is the intersection of MA-50 MA-200 daily under day Gold, a gold sell signal. Billionaire investor George Soros has slashed its physical gold holdings in the SPDR Gold Trust ETF by 55% to 600.000 shares during Q4. However, it should be noted that Soros contributed reporting system utilizes the gold holdings of late. Recorded during the period July-September 2012, Soros made ​​a purchase 1.32 million shares in the SPDR Trust, during which time Gold also rose, but reporting gold purchases will not be released until November, which at the same time instead Soros sold almost half (October-December 2012), so it seems when others follow a buy signal Soros, Soros actually yet to sell.