The precious metal manages to hold the 20Dsma closed with marginal gains on Tuesday’s session but remains at two –weeks low.
Gold ETPs positions May 9 increased to 1803.7 tons, continued in December 2013 to a high level, while gold ETFs has increased from April 25 to 50 tons, the highest in two months, even up to increase recording; Montreal, Canada Bank said gold ETFs will continue to be favored.
Tuesday, the world’s largest gold exchange-traded fund SPDR Gold Trust holdings over the previous trading day 2.38 tons, 839.25 tons. This is shown in the gold price downward on the occasion, investors are still massive holdings.
Goldman Sachs: The three-month gold price forecast raised to $ 1,200 per ounce (previously expected $ 11). Gold price is expected 6 months and 12 months respectively for $ 1180 and $ 1150 (previously expected for the 1050 and $ 1000 respectively).
From Gold Headlines:
HSBC analysts believe that “short-term price of gold may fall to $ 1,220 / oz level. If the dollar continues to rise, more pressure on gold. We believe that the price of gold under repair is healthy correction, because of the recent rise in gold and silver are excessive, gold may be a callback to $ 1245 / ounce, silver may to $ 16.55 / ounce. ”
ICBC Standard Bank analyst Tom Kendall believes that the impact of the gold in last week’s 15-month high of $ 1303.60 / oz after, found very strong resistance at 1300, this year will be difficult to overcome, especially in the relatively weak demand for physical gold in the case of.
The price is trading at 1269.00 levels with 0.30% gains.
Trading support finds at between 1263.00, 1257.00 and 1250.00 levels.
Alternatively, resistance seems at 1270.50, 1273.00 and 1276.00
Selling accelerates below $1,263.00 towards $1,260.00, $1,257.00 and $1,253.00 levels.