Gold has charged up as the upward going oil forced investors to hedge against the possible rise in inflation. And since one of OPEC’s members Saudi Arabia announced that it would be cutting production by 1.2 million barrels a day starting Nov. 1, which tool oil above $60 a barrel and hence rise in gold price.
But gold price is likely to stop between $607-$610 an ounce because of strong clusters of sell orders at that level.
Since the dollar has become weak , gold is one of the best bets better than stocks and bonds in storing value. Hence, with gold in demand so much but not going higher than $610 an ounce it would be the best time to sell sometime next week.
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