The Rate Of Gold In USD Return From $1145

The rate of gold in USD return from $1145 per ounce for the third time in two days early Friday, slipping in what one dealer called "volatile trading" as silver also retreated.

"We are riding a small Elliot Wave higher," said Thursday technical analysis from Scotia Mocatta, the bullion bank.

"Our thoughts are that we are in a small wave 4 consolidation of a move that started down at 1075 in December.

We would like an eventual test to levels above 1161, but will stop-loss the long gold position under 1113."

USD Continue To Rally

The dollar yen pair continued to gain yesterday as the dollar is attracting investors more than the Japanese yen in the last period.

The pair reached 92.00 levels where it is trading around today, and the pair is targeting 93.00 on the short term, while momentum indicators on the daily charts says the pair is trading in an overbought area, that may stop the pair's rally.

Yet, the 91.15 level remain a strong support for the pair and today it recorded a high of 92.25 and a low of 91.97.