Commodity investments are heading for record outflows driven by withdrawals from gold exchange-traded funds as some investors lost faith in the traditional store of value, according to Barclays Plc.
According to the technicals that I like to use, the long-term trend in gold is still in play. Fundamentally, COMEX gold futures fell to $1,210/ounce on Dec. 6, 2014 and since then we have seen somewhat of a bounce higher.
FEB14 gold shot up this morning, trading up $27 to $1,261. $1275 is our next key target and resistance level. Gold now looks like it could have some momentum to the upside, and possibly approach $1,290.
An extension of U.S. agriculture subsidies to late January was rebuffed by Senate Democrats, who said they won’t pass any plan sent to them by the House before the members leave Washington late this week.