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Gold Set to Stabilise in the $680s

Source:

Better news coming out of the US is set to support London gold despite increased selling in Asia overnight, according to one European trader.

Better news coming out of the US is set to support London gold despite increased selling in Asia overnight, according to one European trader.

"We saw a bit of profit-taking yesterday, but we've done the retracement now and I think we're on for a bit of a recovery," said the trader on Wednesday. "I think the price could be heading towards the mid-$680s on Wednesday as the subprime news coming out of the US is much better. So, as long as there's no more surprises today we should be fairly steady."
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