Standard Bank Daily Gold Price Analysis for May 16th

Standard Bank

The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for May 16th.

Volumes of orders and puts at $1,350 and $1,300 increased a considerable amount for the past days. These volumes indicates the believe traders had about gold prices heading towards $1,300.

The deference between platinum prices and gold prices recovered to the $100 spread. Long platinum and short gold puts more pressure on gold prices.

The physical demand on gold from Asia is still strong. Premiums now are over $20 in Shanghai Gold Exchange (SGE).

Gold current support is at $1,367 and $1,350, while the current resistance is at $1,400 then $1,415.

Full Report