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Psychological Barriers in Gold Prices?Raj AggarwalUniversity of Akron - Department of Finance Brian M. LuceyTrinity College, Dublin - School of Business; University of Dublin - Institute for International Integration Studies (IIIS); Glasgow Caledonian University - Division of Accounting & Finance January 2005 Institute for International Integration Studies Discussion Paper No. 53 Abstract: 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.
Number of Pages in PDF File: 19 Keywords: gold, psychological barrier, behavioural finance JEL Classification: G14, G15 working papers seriesDate posted: February 21, 2005Suggested CitationContact Information
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