RBC's Gero: Bargain Hunting, Short Covering Lift Gold
Gold has rallied on bargain hunting and traders buying to cover, oroffset, short positions, says George Gero,managing director with RBC Wealth Management. As of 9:28 a.m. EDT, Comex June gold was $10.20 higher to $1,315.80 an ounce two days after hitting the low for 2018of $1,302.30. Gero cites a “weaker dollar for now” in the aftermath of aFederal Reserve meeting that wrapped up on Wednesday, as well as softerequities, for the bounce in gold. He adds that gold “was off the funds’ radar and has not yet regained interest it deserves.”
By Allen Sykoraof Kitco News; asykora@kitco.com
INTLFCStone: Gold Gets Technical Bounce After Holding Chart Support
Thursday May 3, 2018 09:45
INTLFCStone says the bounce in gold may be largely technical in nature, although asofter U.S. dollar is helping. As of 9:28 a.m.EDT, Comex June gold was $10.20higher to $1,315.80 an ounce. “Gold prices are uptoday...but we think that this is really a technical move higher since keysupport [near] $1,303 (the 2018 low) was hit earlier this week and held on aclosing basis,” the firm says. “The fact that the dollar rally has stalledsomewhat (as has the rate spike basis the 10-year) may also be helping gold aswell.”
By Allen Sykoraof Kitco News; asykora@kitco.com
FXTM: Gold’s Ability ToHold $1,300 May Encourage More Buying
Thursday May 3, 2018 09:45
More marketparticipants may be willing to buy gold now that the precious metal has heldthe psychologically important $1,300-an-ounce level during a recent pullback,says JameelAhmad, global head of currency strategy and market research at FXTM. As of 9:28 a.m. EDT, Comex June gold was $10.20higher to $1,315.80 an ounce. “The ability of gold to defend thepsychological support level of $1,300 will encourage investors to consideradding gold to their portfolio around its current levels,” the analyst says.“If the trade talks between the United States and China do hit a wall, as manyanticipate, during the early phases, it would provide encouragement forinvestors to search for gold as a safe-haven asset. The Japanese yen would alsolikely benefit if the trade talks between the U.S. and China did lead to aperiod of renewed uncertainty in the market.”
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.