Wall Street on the fence about gold’s direction, Main Street strengthens its bullish bias as debt worries mount

Wall Street on the fence about gold’s direction, Main Street strengthens its bullish bias as debt worries mount

From kitco.com

A string of strong economic data releases was not enough to keep gold down this week, as geopolitical risks and sovereign debt concerns combined to drive the yellow metal higher despite renewed risk appetite. Spot gold kicked off the week trading at $3,271 per ounce, and after a sharp dip down to the weekly low just under $3,250, gold began its steady ascent. By 2:30 a.m. on Monday morning, spot gold was trading within $5 of the $3,300 level, and at 3:00 p.m. EDT, it succeeded in converting that level to support. By 8:30 a.m. on Tuesday, spot gold was trading at $3,356 per ounce. This price level proved provocative ... (full story)

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