Gold Falls 3.5% In 1-Month As Predicted By The Algorithm
Gold rose nearly 1% on Tuesday near its two week high due to worries in Ukraine plus technical momentum after surpassing $1,300, but dubiety over U.S. monetary policy and weak physical and investment appetite curbed that rally.
“We’re still struggling with the upside in thin trading amid a lack of physical buying or any significant investor interest,” stated Andrey Kryuchenkov, an analyst at VTB Capital.
On the upside for physical markets, buying picked up slightly in the world’s largest gold consumer, China. Bullion prices on the Shanghai Gold Exchange reached a premium of about $1 an ounce to spot prices for the first time since early March. As predicted Physical Gold (XAU) & the Gold ETF (GLD) dropped 3.5% in the 1-month time horizon.
