Gold may witness more weakness in short-term

UNITED STATES February 25 2015 1:21 PM

NEW YORK (Scrap Register): The gold market could see more weakness in the short-term as prices hover below the $1,200 areas and the next support level to watch will be $1,184, said Triland Metals.

 

However, any weakness in the near-term could attract long-term investors. Despite the apparent continued weakness in price action the regular bounces and squeezes, whilst not substantial, are symptomatic of a market that is finding fresh demand, said Commodity analyst at Triland Metals. 

 

“Of note too was a significant increase in ETF inflows yesterday, $150 million & $65 million of gold and silver respectively, indicating that the longer term investor likes these low prices and that they are happy to ‘buy-the-dip’ for the first time since 2012,” they added.