Gold held overnight gain in Asia as investors looked ahead to the Wednesday release of Federal Reserve minutes expected to shed some light on prospects for rate hikes this year.
Gold prices ended the U.S. day session slightly higher Tuesday, lifted in part by a sell-off in the U.S. stock market. The key outside markets were also in bullish postures for the precious metals markets—a weaker U.S. dollar index and firmer crude oil prices. Gains in gold were limited by a batch of U.S. economic reports that were just a bit “hawkish.” June Comex gold futures were last up $2.30 an ounce at $1,276.50. July Comex silver was last up $0.086 at $17.235 an ounce.
Technically, June gold futures closed prices closed near mid-range. 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 today’s high of $1,283.90 and then at this week’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
Reference: Investing, Kitco
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