The South African Standard Bank issued its analysis for the performance of gold prices in the commodity market for May 3rd.
Gold prices were strong ahead of the U.S. payroll data. Moreover, the analysts believe that short covering will increase if the prices breached the strong $1,500 resistance and its very unlikely for gold prices to reach $1,550 in the current situation.
Physical buying would decrease if the prices rallied too fast.
Gold prices current supports are at $1,451 and $1,431, while the resistance at $1,489 and $1,500.