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Gold At Over $1,8000 An Ounce

|Includes: Randgold Resources Limited (GOLD)

 Gold At $1,8000 An Ounce

Gold sustained a rally to a fresh high, passing $1,800 per ounce.  An ongoing demand for the safe haven precious continued today was seas global share prices dropped on intensifying global debt worries.

The decisive move higher in gold prices has been seen after Standard & Poor’s cut the U.S. credit rating last week. Speculation that record low interest rates and development in emerging countries might bring sustainable demand for commodities has also added to the recent rise in the price of gold.

In terms of Gold technical analysis; Fibonacci expansions offer the only tangible resistance while Gold moves into new territory.  The chart below shows the FE 161.8% Fibonacci point close above the $1,900 figure.  On the flip side, any correction lower might see supply at Sundays gap low of $1,650

Gold Spot Daily Time-Frame

golddaily20110810 1940 thumb Gold Surges To New Record High Above $1,800