Standard Bank Daily Gold Price Analysis for May 31st

Standard Bank

The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for May 31st.

The US first quarter GDP and unemployment numbers came out a little disappointing. The jobless claims might force the Feds to continue their QE program, which boosted the gold price to settle above $1,400.

Asian demand increased the gold price by another $5, but now, the price movements are related to the USD strength.

Physical buying eased after the gold price reached $1,400. The price momentum now depends on the investors, till physical buyers get used to the new prices.

Gold current support level is at $1,394 then $1,377 while resistance at $1,424 then $1,436.

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