The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for May 21st. The report focused on African oil production.
Gold gained some ground yesterday despite the concerns of selling commodities ahead of the FOMC minutes release on Wednesday.
The FOMC will probably keep their rate of buying bonds. That would be positive for gold.
Prices below the $1,360 mark are reasonable opportunity. But as the FOMC minutes release draw nearer, rallies to the $1,400 seems harder.
Gold current support levels are at $1,346 and $1,311. While gold current resistance levels are at $1,500 and $1,530.