Journal
REVIEW OF FINANCIAL ECONOMICS
Volume 16, Issue 2, Pages 217-230Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.rfe.2006.04.001
Keywords
Gold; Psychological barriers; M-values; Market psychology
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Funding
- Government of Ireland through Programme for Research in Third Level Institutions
- Arts and Social Science Benefactions Fund of Trinity College Dublin
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This paper examines for the first time the existence of psychological barriers in a variety of daily and intra-day gold price series. This paper uses a number of statistical procedures and presents evidence of psychological barriers in gold prices. We document that prices in round numbers act as barriers with important effects on the conditional mean and variance of the gold price series around psychological barriers. (C) 2006 Elsevier Inc. All rights reserved.
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