FXTM: Gold Range-Bound; $1,340 Key Chart Level
Gold remains in a wide range on the daily technical charts, with a directional catalyst needed for the next major move, says Lukman Otunuga, research analyst at FXTM. “While geopolitical tensions and U.S political uncertainty have inspired bulls, bears remain heavily supported by Fed rate-hike expectations,” the analyst says. “There is clearly a fierce tug-of-war between bulls and bears. From a technical standpoint, the yellow metal has found minor support around $1,340. If this level proves supportive, prices could venture towards $1,353 and $1,360, respectively. Alternatively, a decline back below $1,340 may encourage a selloff towards $1,324.” As of 7:55 a.m. EDT, spot gold was up $2.80 to $1,349.90 an ounce.
By Allen Sykora of Kitco News; email@example.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 stringent regulations,” Commerzbank says. “China plugs the gap between local gold production and gold demand – which totaled 187 tonnes in the first quarter – by importing gold, for example from Switzerland or Hong Kong.” Thus, market participations will be watching for import data for March that Commerzbank says will be published next week.