Gold prices ended the U.S. day session slightly higher Monday but well off the highs seen earlier in the day. A rally in the U.S. stock market Monday worked to temper buying interest in the safe-haven metal. Still, gold continues to show the resilience required to extend the present near-term price uptrend. June Comex gold futures were last up $1.00 an ounce at $1,273.90. July Comex silver was last up $0.023 at $17.155 an ounce.
Technically, June gold futures prices closed nearer the session low. The gold bulls have the firm overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the May of $1,306.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,250.00. First resistance is seen at $1,280.00 and then at today’s high of $1,290.40. First support is seen at $1,270.00 and then at $1,264.00. Wyckoff’s Market Rating: 7.0
Gold prices edged up on Tuesday, but the safe-haven metal's gains were limited by a firmer dollar and as Asian shares recovered from two-month lows.
Spot gold XAU= rose 0.25 percent to $1,276.70 per ounce at 0041 GMT.
The dollar firmed on Tuesday as a recovery in crude prices lifted equities and U.S. Treasury yields, and lessened demand for the safe-haven yen.
Asian shares recovered from two-month lows on Tuesday after a rebound in technology giant Apple Corp and oil price gains boosted Wall Street.
Reference: Reuters, Kitco
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