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.