Standard Bank Daily Gold Price Analysis for June 7th

Standard Bank

The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for June 7th. The report focused on Copper Stock.

Gold price movement now is strongly correlated with US equity market, especially S&P.

Weaker equity markets might pressure the USD and push precious metals prices higher.

Holidays in China next weak might ease the physical gold demand, which could add to gold weakness especially on a firmer USD.

Gold price technical support is at $1,388 and $1,375 while resistance at $1,416 then $1,429.

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