While the fundamentals are still intact, experts feel that there may be a mild correction in gold prices after the recent spurt. Gold has seen five weeks of continuous gains and therefore, events like the upcoming US Federal Reserve meeting, G-20 meeting, etc can trigger a correction.
Gold Silver Reports (GSR) – While latest comments from the US Treasury Secretary triggered some risk-off during late-Wednesday, activating the yellow metal’s pullback, Gold prices remain mostly flat around $1408 amid Thursday morning in Asia.
Gold Silver Honeymoon Period Over, Any Rise Sell Sell Sell, Buy Karna Mana Hai Gold High – 34893 / Silver High – 38323
Gold Silver Reports (GSR) – Gold Spot prices touched highs near $1,349 an ounce after a report early Wednesday on private-sector employment for May from payroll processor ADP said employers hired 27,000 people in the month — marking the lowest growth since March of 2010.
Bullion Market has risen by about 1.7% so far this month and 1.6% for the week. “People are doing fear trade now and running towards gold,” said Michael Matousek, head trader at U.S. Global Investors. He noted investors were unsure of what Trump planned to do.
Gold Silver Reports (GSR) – US Gold Major support to be watched – $1290. Any break below targets $1286/$1283.it should break below $1275 for minor weakness.Major trend reversal only below $1266.Below that level targets $1250.