Gold Consolidates At Lower Level Of Range

Gold Consolidates At Lower Level Of Range

Gold Consolidates At Lower Level Of RangeLos Angeles CA, May 11 (Tangible Investments) — by James O’Dell — Precious metals prices edged higher in early trading on Thursday, as Gold consolidates at lower level of range. Gold is up 0.37 percent to $1,223.30 an ounce after easing $2.30 on Wednesday to close at $1,218.80.

Silver is up 0.40 percent to $16.24 an ounce after gaining $0.03 on Wednesday to close at $16.18. The Gold/Silver ratio fell to 75.33. Platinum is up 0.11 percent to $911.00 an ounce. Palladium is up 0.88 percent to $803.00 an ounce.

Gold rose from eight-week lows in early trading on Thursday after bond yields fell and the dollar weakened. The precious metal continues to consolidate at the lower end of its range after slipping below its 100-day moving average. The 100-DMA is now at $1,226 and becomes resistance while strong support for the yellow metal exists around $1,195.

Gold Stuck In Range

“It’s a bit of consolidation,” said ABN AMRO’s Georgette Boele. “It’s a signal that Gold doesn’t want to go too much lower at the moment.”

Gold remains stuck in trading ranges from the $1,200 area on the downside to the $1,250 area on the upside. “It may bounce around a little but not make any sizable moves unless something outside the market comes along to shake it up,” said Jeffrey Nichols of American Precious Metals Advisors.

“From a pure technical-fundamental aspect, everybody would be eying $1,200 as the next level of support, but I think $1,215 support here is not out of the question,” said Spencer Campbell, of Kaloti Precious Metals in Singapore.

“Military exercises are being expanded across Asia, in particular the Korean Peninsula. The lack of news in that particular area has taken the edge off the prices of Gold, so the pull-back has been inevitable.”

Gold Imports In India Up Four-fold

Meanwhile, In India, Gold imports gained more than four-fold in April as merchants prepare for the upcoming wedding season which lasts through mid-June. “After demonetization, the entire country was at a standstill,” said the former chairman of the All India Gems & Jewelry Trade Federation.

“Now since the money flow has started and Gold prices have also come down, there has been good demand in the market.”

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