[Week 51 2005] Gold Profit-Taking

Submitted by Share Trading on 19 December, 2005 - 17:33

Gold Profit Taking after Recent All Time Gold Highs: Profit-taking has weighed on gold since last Monday when gold futures climbed as high as $US544.50 an ounce, the latest in a series of quarter-century highs for the precious metal.

With Friday's close of $US505.90, however, futures had shed 4.8 per cent, or $US24.30, over the week.

"If you look at charts, there seems to have been a pretty strong correlation of late between the gold and the Australian dollar," he said. And despite a healthier-than-expected US current account deficit on Friday, the US currency weakened.

More about

Download our FREE App

Signup for Free
Don't miss out on your free share trading articles.

Free Risk Money Management Calculator for those who sign up!