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Gold inches down in thin trading, eyes remain on U.S. budget talks

Publish Date26/12/2012 07:44:24 AM

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Gold inches down in thin trading, eyes remain on U.S. budget talks

Precious-Gold inched down on Wednesday in a thin trading following the Christmas vacation, where worries regarding fiscal cliff remains the inventors` main concern.

Gold is currently trading around $1656.31 an ounce after it fell from $1660 levels which represents SMA 200 level on the daily charts.   

The trading range for this week is expected among the key support at 1620.00 and key resistance now at 1680.00.

The shiny metal lost more than 2.3% last week to record its worst weekly drop since August on worries of the stalemate in U.S. budget talks as the fiscal cliff may push the world`s no.1 economy into recession in 2013.

However, the shiny metal is set for its 12th consecutive annual gain, benefiting from the monetary easing and ultra-low interest rates adopted by central banks, the high buying of bullions by central banks to lower risk and the lingering European debt crisis.

With the end of the year and vacations coming ahead many investors prefer to close their positions to take profit and hence movements seem to be overestimated due to lack of volume. 

Yet, in the coming few days the main attention is expected to remain on the U.S. fiscal cliff talks where President Obama decided to cut his vacation to come back on negotiation table with the Congress.

In the FX market, the U.S. dollar inched up against a basket of major currencies; the dollar index, which tracks the dollar movements versus six major currencies, is currently hovering around 79.65.

Crude oil for February`s delivery surged to $89.08 a barrel from the day`s opening of $88.70.

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