• Gold futures were flat Thursday as US stocks surged on upbeat corporate earnings. The Dow Jones Industrial Average was up 200 points in afternoon dealing. With risk appetite picking up, there was less demand for safe haven assets such as gold.
• June gold settled at USD1,283.80/oz, up 40 cents for the session. Gold recently hit 5-month highs amid geopolitical tensions and uncertainties about Trump administration fiscal policies.
• Gold prices were ending a quieter U.S. day session slightly lower Thursday, as trader and investor attitudes have improved a bit this week, as evidenced by gains in most world stock markets. The gold market bulls are maintaining their overall near-term technical advantage, which is prompting the chart-based buyers to step in an buy dips. June Comex gold was last down $1.10 an ounce at $1,282.50. May Comex silver was last down $0.197 at $17.975 an ounce.
• Technically, June gold futures prices closed near mid-range today. Prices are still in a five-week-old uptrend on the daily bar chart. The gold bulls still have the overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,260.00. First resistance is seen at Wednesday’s high of $1,292.70 and then at this week’s high of $1,297.40. First support is seen at this week’s low of $1,275.40 and then at 1,268.10. Wyckoff's Market Rating: 6.5
• Gold held steady on Friday, after rising 0.2 percent in the prior session, with tensions surrounding upcoming French elections on Sunday underpinning the safe-haven demand.
Reference: RTT, Kitco, Reuters
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