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Alert-17:06 (Est) ACM Precious Metals Analysis: Gold Sideways After Reversal in Risk Aversion
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Gold firmed on Thursday as weakness in the dollar boosted precious metal prices, which was consistent with the pattern between the dollar and gold that we have been discussing recently. Some physical demand was seen as well after the previous session’s fall. August gold futures rose $3.50 to $912.80oz on COMEX. Also aiding the rise is the relative strength in the equities markets around the world. Demand for gold investment products such as exchange-traded funds -- a major support of prices earlier in the year amid volatility in other markets -- remained sluggish.
Support: 900.56 Current: 912.27 Support: 918.39
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