The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for May 22nd.
Gold price continued to fluctuate ahead of the FOMC minutes release. The trading range is getting narrower and the prices would explode upwards or downwards. Gold price now are between to the $1,390 and the $1,400 level. Gold price movement now relies on the Chairman’s words due in few hours.
Early ending of the QE program would put gold under more pressure, and giving more control to the bears.
Gold current support levels are at $1,363 and $1,340 and gold price resistance levels are at $1,400 and $1,425.