Gold Coin Prices

February 12, 2010Gold coin prices are continuing their fall throughout Friday as the US dollar regains strength based on delays in the announcement of a solution to the Greek sovereign debt crisis and the tightening of Chinese investment monies as an inflation fighting move. By 10:00AM EST, the US Dollar Index had risen to 80.50, a jump of 0.545, while gold prices had fallen to $1,084.80, a decline of $7.80.

Gold prices are reacting to pressure from the Chinese announcement to force banks to hold more reserves, limiting the available funds for gold investment and other commodity purchases. The dollar is also pressuring gold by strengthening on better than expected US jobs data and slowly developing details in the Greek monetary crisis, reducing this week’s bullish move by gold.

According to Rajoo C, technical analyst at Precise Trader, “At the moment, XAU/USD is testing the lower band of the $1,089/1,079, which is a critical level to maintain bullish bias. The hourly trend has been in a range trading with a limited upside bias, 1089-1079 are the critical levels to watch to maintain the bullish outlook."

Traders do expect gold to hold current strength is evidenced by a Bloomberg survey today which found 72% of those polled expecting gold coin prices to remain steady or rise through next week. This confidence suggests the growing opinion that gold could be headed for another rally and that now is a good time to purchase more of the precious metal. 

Kevin Johnson

Senior Staff Writer –

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