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20.11.2012 16:21

Gold prices have stabilized

The price of gold has stabilized today, and traded in the range of $ 1730 - $ 1735 per ounce, after yesterday's most significant one-day increase in the past two weeks. Note that this trend was due to the hope that the United States will be able to reach agreement as to avoid automatic tax increases and spending cuts in early 2013, which could trigger a new recession. Also, the price of gold affect napryadennaya situation in the Middle East.

Note that gold is acting as a risky asset, as the price starts to rise, after concerns about "financial cliff" decreases.

At the same time, reducing the risk to the debt crisis in Greece also boosted gold prices. Recall that yesterday Athens adopted a series of laws to meet budgetary targets and to ensure privatization proceeds, which will be used to repay debt in an effort to reassure foreign creditors at the same meeting on the eve of the finance ministers of the euro area.

Meanwhile, the conflict between Israel and the Gaza Strip support the price of gold by the fear that the risk of violence may spread in the region, raising concerns about inflation over the potential impact on oil prices.

Analysts point out that there is a potential link between the prices of oil and gold, if the conflict in the Middle East even more aggravated.

Technical analysis showed that spot gold prices can fluctuate below resistance at $ 1,738 an ounce in one trading session before break this level and rise up to $ 1746 - $ 1749.

December futures price of gold on the COMEX is now 1730.10 an ounce.


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