Monday, June 29, 2009

Today in Gold: Monday, June 29

Each weekday, Cash4Gold will troll through the web's gold banter and post some of the bigger or more interesting stories. Following is a run-down of today's features:

"Gold rises slightly as dollar weakens"
Author: Moming Zhou

Main Points: "Gold futures moved slightly higher Monday, rising for a fifth straight session as the U.S. dollar edged lower against its major rivals, raising the metal's investment appeal. August gold gained $1.20, or 0.1%, to $942.20 an ounce in early North American electronic trading. Gold ended last week's trading up for the first week in four."

Analysis: We've been hearing for the past few weeks or so that gold is stuck in a range between $920 and $940 an ounce. While it's difficult to get too excited when gold has pierced the edge of that range while carrying modest gains on a day to day basis, you can't dispute the truth: gold is heading in an upward direction, albeit on a rather deliberate path.

It was the second consecutive rise of less than $2 during a session, and only last Wednesday's progress ($10.10) was in double digits. Even so, it's been nothing but positive lately, and investors may grab onto that horse and ride.

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