The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for May 5th. The report focused on analyzing lead.
The gold market seen some profit taking which pushed the price under the $1,400 mark. Moreover, some hawkish comments from the Feds heightened the tension. Although gold was below the $1,400, there was no major low.
Physical buying eased after the past few weeks’ lows. It is assumed that physical buying prevented gold price to push below $1,360 and couldn’t retest April Low at $1,321.
The G10 analysts of Standard Bank didn’t saw the US economy getting weaker nor stronger. Their analysis remains steady on +/- 2% growth rate. It is expected that other economic data should be stronger.
Gold price current technical support is at $1,388 then $1,375, while technical resistance is at $1,416 then $1,429.