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Gold melts reaching historic lows

Gold struggled to pull back away from a five-year low on Wednesday after a steep decline in almost two years.

The price of gold was little changed at $ 1,101.28 not much above the minimum of $ 1,088.05 on Monday, when the price fell by nearly 4% after acute sale of huge volumes traded on the Shanghai Gold Exchange.

Gold for August delivery also dropped 0.3 percent to $ 1,100.50 an ounce.

Overlooked by investors of gold as a safe haven in combination with the strong dollar will likely continue to decrease. Fundamental and technical signals further support the downward trend.

 


 Varchev Traders


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