On Friday the popular save-heaven Gold was steady following surging over $1,280 in the last trading session. That was while soft U.S. numbers drove the greenback off its two year tops and crushed anticipations of a rate cut by the FED this year. U.S. gold futures for June fell about 0.2% at 1,283.09
Spot gold held constant at $1,283.53 per ounce after climbing more than 1% to a seven day top of 1,287.22 in the last session. The Head of dealing at Wing Fung Precious Metals Peter Fung said that
“Gold has found very good support around $1,270. There was some short covering after the (weak U.S.) data that pushed prices up. However, the upside could be limited as $1,290 is acting as a strong resistance”.
Trade war is here to stay
Daily Analysis - 24/05/2019