Standard Bank Daily Gold Price Analysis for May 23rd

Standard Bank

The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for May 23rd. The report focused on copper financing.

Gold prices slumped after the testimony of the Fed Chairman to the Congress. His hint of taping the bond purchases was the direct reason for this fast decline from over $1,410 to nearly $1,380.

The FOMC still mingle in the middle, between ending the QE program and not ending it. They are waiting for June economic reports and job market analysis. Probably they will continue the current pace till this year-end.

Gold current support levels are at $1,358 and $1,326 while the current resistance is at $1,400 then $1,419.

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