Commodity Blog

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Gold Recovers, Remains in Danger

May 21, 2013 at 1:29 by Vladimir Vyun

Gold rose today as Moody’s Investors Service signaled that it may cut the credit rating of the United States if policy makers do not resolve the debt issue. It looks like the current measures are not enough to resolve the problem. Gold has rallied to a new record when Standard & Poor’s cut US grade in 2011.

Many analysts remain unconvinced by the current rally. It is true that the recent drop may have spurred short-covering. Yet the metal has broken too many important technical and psychological levels to be easily rescued.

June futures for delivery of gold advanced as much as 1.4 percent to settle at $1,384.10 per ounce on COMEX.

If you have any questions and comments on the commodities today, use the form below to reply.

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