Standard Bank Daily Gold Price Analysis for June 3rd

Standard Bank

The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for June 3rd. They focused on analyzing silver and palladium.

Gold price remain range-bound. The Non-Farm payrolls (NFP) data due to be out on Friday could change this.

Weaker US equities provided support to gold. The recent study of the correlation between gold and US equity market suggests gold trading in the opposite direction to equities.

Comex for August delivery puts and calls was significant around $1,420 and $1,400.

Gold current support is at $1,394 and $1,377 while gold price technical resistance is at $1,420 and $1,436.

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