Standard Bank Daily Gold Price Analysis for June 10th

Standard Bank

The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for June 10th.

Gold price is under pressure again after the US releases a better than expected nonfarm payrolls report last week. The key support level is at $1,375 and gold tested this low once today, Monday morning, as it traded down to reach $1,376.

The Chinese holidays are expected to weaken the physical gold demand which might take the prices even lower.

The US real interest rates gained slowly this week. It now yields -0.83%, compared to the -1.40% at the beginning of May.

Gold current support is at $1,375 while resistance are at $1,416 then at $1,429.

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