Saturday 03, August 2013 by Gerhard Schubert

Precious Metals Report: Gold rallies on short covering

Gold prices had managed, at the end of the previous week, to cross an important resistance level of $1300. However, the move above $1300 was always more of short cover rally than anything else. Nothing significant seemed to have changed for the fundamentals of gold in a bear market which started in mid April 2013.