Before the U.S. trading session starts, a brief outline for the gold market movement today, May 8th, is something to look forward to.
Gold futures started Wednesday trading fairly strong, recovering from yesterday’s selling pressure to record an up by $9.80.
Apparently, the precious metal, gold precisely, is bullish on any news of economic recovery except that of the U.S. as the German and the Chinese April trade reports and industrial production data boosted the yellow metal a bit higher.
The epic bull run of gold prices seems on halt for the seventh straight month on the daily charts. For the bull to start a new round, it needs to break the $1,500 resistance, which seems farther than the $1,450 mark.
London pervious P.M. gold fix was at $1,444.25 against the A.M. fix of today is at $1,454.