Gold prices continued to edge higher on Monday in the wake of the Fed’s new policy which is focused on inflation. The US dollar continued its trend lower as US yields headed south. New data is expected out next week that include US manufacturing data and at the end of the week, the US jobs report. Chinese August PMI data showed that the recovery in the world’s second-largest economy remains intact.
Technical analysis
Gold prices rose on Monday the dollar moved lower. Prices were finally able to capture resistance which now supports near the 10-day moving average at 1,949.
Goldplat plc (LON:GDP) is an AIM-listed, profitable gold recovery services company with two market leading operations in South Africa and Ghana.