Finally, Gold Price Breaks the $2,000 Level!

<p>&nbsp;The price of gold continued to soar and had broken through $2,000 yesterday but fell back around below that level in the early trading of the Asian session this morning.</p><p><br /></p><p>The situation is boosted by lower US treasury bond yields and the currently weakening USD.</p><p><br /></p><p>The November FOMC meeting minutes report revealed that policy decisions will be based on the latest information and will keep interest rates at a target of 5.25% – 5.5%.</p><p><br /></p><p><br /></p><p>In addition, the US Dollar Index was found to be in decline against a group of six major currencies, falling 103.60 to the lowest level since the end of August. US bond yields fell 4.40% and boosted gold prices as the cost of production was not removed.</p><p><br /></p><p>Economic data released yesterday showed the US Chicago Fed National Activity Index for October down 0.49 from the previous reading of 0.02. Meanwhile, existing home sales fell 4.1% from 2.2% in September.</p><p><br /></p><p>Gold traders will continue to monitor US jobless claims data, durable goods orders data and the University of Michigan consumer sentiment survey today to identify gold trading opportunities.</p>