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Commodities Brief – Gold operates near one-week high as the reiteration of US easing revitalizes precious metals

Gold prices have been confined to a rather tightened range Wednesday, after recording its highest daily advance all week yesterday on comments of prolonged quantitative easing in the US. The yellow metal reached as high as 1614.35 (session high) earlier today during European trading, however it has found itself capped by its 200-day SMA, which is acting as resistance, and its 20 and 50-day SMA acting as support. At the time of writing, gold is trading in negative territory at USD $1611.20 per oz., down -0.27% While markets will listen for any derivation of this strategy at Bernanke’s testimony later today at 15:00 GMT, the primary near-term focus will be the looming March 1 deadline, and the positioning gold investors will take surrounding this date.
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