Standard Bank Daily Gold Price Analysis for June 11th

Standard Bank

The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for June 11th.  The report focused on analyzing the lead market.

The European participants pressured gold on expectation of cutting monetary stimulus sooner than expected. Furthermore, S&P lifted their US credit rating from negative to stable. Consequently, gold price pushed lower towards $1,360.

Physical buying is holding up due to the Chinese holiday. Previously, physical buying was strong at this level, and formed a firm support for gold price.

Gold price current technical support is at $1,360 then $1,352 while gold technical resistance is at $1,383 and $1,400.

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