After the selloff that transpired following the French election results, gold has gradually inched its way higher, reaching a 2-week high earlier as growing political risks send investors back into haven assets. Apart from the latest display of North Korea’s nuclear missile power, risk sentiment was also diminished after two anonymous officials reported that President Donald Trump shared classified information with the Russian Foreign Minister in a private meeting in the White House last week.
This led to the dollar index slipping to a 6-month low, supporting precious metals across the board. Investors further embraced caution amid fears that the effects of the "ransomware" cyber attack were far from over. Gold was last seen around $1245.00 per troy ounce, with the area between $1250.00 and $1260.00 representing significant resistance. If bullion prices manage to break above, a rally all the way to $1290.00 is possible.
Gold Rebound Endures
Analisi Giornaliera - 17/05/2017