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FXTM: Gold Close Above $1,250 Would Encourage More Buying

Kitco News

Gold is stepping higher again and may generate further momentum if the metal can close above $1,250 an ounce, says FXTM research analyst Lukman Otunuga. As of 8:11 a.m. EDT, the metal was up $6.40 to $1,252.95 an ounce, benefitting from the combination of U.S. dollar weakness and risk aversion. “The sharp losses observed at the start of the week have almost been clawed back, with bulls eyeing $1,260,” Otunuga says. “With the ongoing uncertainty of Brexit, political risk in Washington and jitters from depressed oil accelerating the flight to safety, gold is likely to remain supported moving forward. Technical traders will be paying attention to how the metal behaves above $1,250. A daily close above $1,250 could encourage a further incline towards $1,260.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

MKS: Gold In Range But Attracts Far East Buying

Wednesday June 28, 2017 08:17

Spot gold is stuck in a trading range at the moment but found support early Wednesday from buying in the Far East, says MKS (Switzerland) S.A. “Asian hours today saw gold trade with a modest bid bias, running into offers around $1,250 in early pricing, before breaking above the figure on the back of solid interest out of the Far East,” says Sam Laughlin, senior trader of precious metals. “The Shanghai Gold Exchange saw the on-shore premium move higher once again, testing toward $12 over loco London gold and registering solid volumes. Gold looks to be stuck within a $1,238-$1,260 range over the short term, with the 200 DMA [200-day moving average at $1,235] underpinning the lower end of the range, while ongoing political concerns in the U.S. and global geopolitical concerns support higher price action.”

Commerzbank: Platinum, Palladium ETF Holdings Fall In June

Wednesday June 28, 2017 08:17

Exchange-traded-fund holdings of platinum and palladium have fallen this month, says Commerzbank. “Monday saw the platinum ETFs tracked by Bloomberg record their largest daily outflow – of a good 40,000 ounces – since November 2015,” the bank says. “Thus ETF holdings have been reduced by over 80,000 ounces so far this month. Palladium ETFs have also seen outflows of a good 65,000 ounces since the beginning of the month.”

By Allen Sykora

For Kitco News

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