FXTM: Gold Range-Bound; $1,340 Key Chart Level
Gold remains in a wide range on the daily technicalcharts, with a directional catalyst needed for the next major move, says Lukman Otunuga, research analyst atFXTM. “Whilegeopolitical tensions and U.S political uncertainty have inspired bulls, bearsremain heavily supported by Fed rate-hike expectations,” the analyst says.“There is clearly a fierce tug-of-war between bulls and bears. From a technicalstandpoint, the yellow metal has found minor support around $1,340. If thislevel proves supportive, prices could venture towards $1,353 and $1,360,respectively. Alternatively, a decline back below $1,340 may encourage aselloff towards $1,324.” As of 7:55 a.m. EDT, spot gold was up $2.80 to$1,349.90 an ounce.
By Allen Sykoraof Kitco News; asykora@kitco.com
Commerzbank: China’s 1Q Gold Production Declines
Wednesday April 18, 2018 08:10
China’s first-quarter gold production fell by nearly 3%from a year ago to 98.2 tonnes, says Commerzbank. This was due among other things to more stringentregulations,” Commerzbank says. “China plugs the gap between local goldproduction and gold demand - which totaled 187 tonnes in the first quarter - byimporting gold, for example from Switzerland or Hong Kong.” Thus, marketparticipations will be watching for import data for March that Commerzbank sayswill be published next week.
By Allen SykoraFor Kitco News
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