Gold prices ended the U.S. day session higher Wednesday on a corrective bounce from selling pressure seen earlier this week. Bullish outside markets that included a lower U.S. dollar index and higher crude oil prices on this day were also a positive for the precious metals markets. June Comex gold futures were last up $10.70 an ounce at $1,275.50. July Comex silver was last up $0.238 at $17.33 an ounce.
Technically, June gold futures prices closed near mid-range. The gold bulls have the firm overall near-term technical advantage, which means the path of least resistance for prices will remain sideways to higher for at least the near term. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the May of $1,306.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,250.00. First resistance is seen at today’s high of $1,280.80 and then at 1,287.60. First support is seen at today’s low of $1,266.30 and then at this week’s low of $1,258.50. Wyckoff’s Market Rating: 7.0
Gold steadied near $1,280 an ounce on Thursday after rising the most since late April the session before, supported by a weaker dollar and equities.
Spot gold XAU= was unchanged at $1,277.36 an ounce by 0041 GMT, after climbing off two-week lows overnight. Wednesday's nearly 1-percent gain was bullion's strongest since April 29.
Holdings of SPDR Gold Trust (GLD), the world's largest gold-backed exchange-traded fund, stood at 27.07 million ounces on Wednesday, the highest since December 2013. HLDSPDRGT=XAU
Reference: Reuters, Bloomberg, World Gold Council
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