Gold Price keeps the broader range
London (May 18) Strategists at TD Securities expect the precious metal to keep the range that prevailed in the recent months.
“At the start of the month, we were concerned that gold was looking soft from a technical perspective but we noted that longer-term signals were not compellingly bearish”.
“Since then, spot gold has averted the “worst case” scenario we highlighted in our last update and managed to trade back towards the upper end of the recent range”.
“Spot is pushing above the 200-day MA through the close of last week but that has not been an especially good bellwether for the market in recent months”.
“Additional gains above 1224 may be limited to the 1300/1305 area, keeping gold in the wide, sideways range in place over the past few months”.