Gold is green for now
Gold is showing bottom signs after falling to less than $1200 in June. Gold that fell from the $1900’s high with bounces as high as $92 during it fall might now be heading up again as bulls get ready to follow the gold to where it fell from.
While some analysts and bears predicted a $1000 gold that now seems to be left in the dust. Bernanke’s speech is set for this week and investors are really unsure which direction he will lead the US economy.
Last week Federal Reserve Chairman Ben Bernanke said that the central bank will not immediately raise interest rates once unemployment fell to the target of 6.5%.
Even though these past few days before the weekend Gold had its highest percentage climb in recent times there still is that risk awaiting the soon expected US retail data.