Standard Bank Daily Gold Price Analysis for May 17th

Standard Bank

The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for May 17th. The report focused on LME copper inventory.

Comex contracts volumes soured around the $1,400 mark, which indicates the strong resistance it may provide.

The Fed minutes of April meeting due is next week. Bullish gold is expected ahead of the release of these minutes and some price-testing.

Gold current support is at $1,371 and $1,356, while the resistance is heavily concentrated on the $1,400 mark.

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