Gold continues to hold above support (see the earlier post from yesterday) as rockets flying in Israel and explosions are not something that even the most stalwart gold bear wants to deal with, especially over a long weekend during which anything could happen.
If we come into trading in Asia on Sunday evening here, and we have a further escalation over in the mid-East, gold will continue to attract buying. If we see tensions fade, then gold will likely move lower.
The mining shares appear to have finally attracted some decent buying after being beaten to a bloody pulp for most of this week.
The divergence between the shares and the price of the metal continues however so perhaps we will see a closing of the gap with the shares moving higher and gold either holding stable or drifting somewhat lower.
It is difficult to say which right now but the gap will be closed.
The value and cost of gold varies depending on different factors. Some of these factors are, the value of different currencies, particularly the US dollar. The price of other commodities, the oil cost, the financial situation and changes in those situations around the globe, world events, such as wars and even dramatic weather influences, such as earthquakes, tidal waves etc. Gold Market Research
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