Amid
the overall economic instability gold shines with its safe haven status. The
disappointing NFP data set the US dollar under pressure and this naturally
influenced the growth of the yellow metal.
Gold finished the week elevated after reaching a 3-week high. The test of the
resistance at 1305 seemed to be inevitable, but the market always reserves the right to
surprise us.
Futures for gold climbed higher today to trade at $1,277.30 per
troy ounce, as earlier marked intraday high at 1280.80, which is the highest
level since 18 May.
As long as the key support located at $1,255 retains, gold bulls are steady.Currently
gold hovers around $1,277 and eventual close above this level will target bulls
to the resistance at $1,285.
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