The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for May 2nd. They focused on analyzing China’s PMI and its effect on the Iron market.
The bank analysts saw a dominant selling pressure in the gold market, still, it remain traded in a range-bound. Gold is traded between $1,450 and $1,480.
The low prices of gold attracted physical demand, even the massive selling ahead of the FOMC meeting continued.
Gold current support is at $1,472 and $1,450. While gold prices resistance is at $1,500 and $1,521.