• MTS Gold Evening News 20180508

    8 May 2018 | Gold News

• Gold prices remained subdued on Tuesday as the dollar held steady near its 2018-high on the relative strength of the U.S. economy.

Spot gold was down about 0.1 percent at $1,313.20 per ounce at 0635 GMT, after closing marginally lower in the previous session.

U.S. gold futures for June delivery were unchanged at $1,314.10 per ounce.

• "While seeing some support from stronger oil prices and uncertainty over the U.S. position on Iran, gold continues to trade in-line with dollar flows, which are restricting any sustained top-side moves," MKS PAMP Group trader Sam Laughlin said in a note.

"I think the Iran deal is probably something that could turn things around. Oil might spike and gold could go with it," said a Hong Kong-based trader.

• The market is awaiting Trump's decision on Iran and the U.S. Consumer Price Index (CPI) data for a move in gold prices, the trader said, adding that the Producer Price Index (PPI) numbers coming out this week might be something to look at to see "if there's more hawkishness going down to the end of the year".

• Spot gold may revisit its May 1 low of $1,301.51 per ounce as it twice failed to break resistance at $1,317, Reuters technical analyst Wang Tao said.

• Meanwhile, silver gained 0.2 percent to $16.48 an ounce, while platinum rose 0.2 percent to $909.65 an ounce, having hit its highest since April 25 in the last session.

Palladium slipped 0.3 percent to $969 an ounce, after hitting its highest since April 27 on Monday.

·       Gold is still bullish . Watch bottom for buy. On lower time frame we may see one more short term drop before we see rise. If price start to rise sharply then it can break up the flat channel for further upside. Otherwise look for reversal from previous high. In case price break down then wait for the price to form Trend Continuation pattern and then look for sell.

Reference: Reuters, Trading View
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