Monday, 7 May 2018

Gold prices could test the top end of their range

gold  is gold

Although gold prices could test the top end of their range, around $1,350 an ounce, as the market finds support from disappointing labor market data and escalation of trade war rhetoric between the U.S. and China, analysts are not expecting to see a breakout anytime soon.
“I think we could see gold prices push higher by $10 or so but ultimately, interest rate expectations are firmly in place and that will support the U.S. dollar and weigh on gold,”
Gold prices are ending the week stuck firmly in the middle of its near-term trading range; June gold futures last traded at $1,334 an ounce, up 0.5% since last Friday.
For now, analysts are watching near-term resistance between $1,355 and $1,360 an ounce with a break of that level signaling a move to the 2016 high at $1,375 and then the push to $1,400 an ounce.
On the downside, many technical analysts say that gold remains in an uptrend as long as prices can hold critical support at $1,300 an ounce. In the near-term analysts are watching initial support at $1,325 an ounce.


No comments:

Post a Comment