The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for May 24th.
Gold price stabilized just above $1,390 and the trading range tightened between $1,390 and $1,395.
The first challenge for the bulls is to push the gold price above $1,400. An up-trend is forming slowly, and the world economic state supports it.
Physical gold buying is the key factor in supporting gold price. The recent dip after the feds testimony encouraged buyers. Also, it prevented the prices of gold to run below $1,360.
Gold price can’t push the $1,400 unless investors showed support along with physical buyers.