Gold reverses, back below $1,300

 London (May 19)  After opening the week below $1,290, spot gold turned to the upside and accelerated during the European session. The price of the yellow metal peaked at $1,305, the strongest level since last Thursday.

But afterwards, during Wall street trading, reversed and turned to the downside, trimming gains. During the American session price bottomed at $1,292.80 and currently trades at $1,294, up 0.05% from Friday’s closing.

Gold short term levels

Price has been rejected during the last week from levels under $1,290; the value of the ounce fell several times below but always rebounded. Below $1,290 the next level to consider lies at $1,285, followed by $1,277.

Both platinum and palladium closed nearly flat on the day on lackluster volume.