Gold Can Push Higher In The Near-Term But Rally Might Not Last – Triland Metals

Published: May 20, 2015 10:16

Save

June Comex gold futures settled Monday at $1,227.60 an ounce, above key the key resistance point at $1,225 an ounce.

Author: Paul Ploumis19 May 2015 Last updated at 06:54:56 GMT

(Kitco News) - June Comex gold futures settled Monday at $1,227.60 an ounce, above key the key resistance point at $1,225 an ounce.

Analysts at Triland Metals say they are optimistic that gold has enough momentum to push higher in the near-term, but might not be able to hold long-term gains.

“With gold clearing the $1225 resistance we should be up at $1244 in a fairly orderly fashion. Gold would need to clear $1308 to enter new territory however and we remain skeptical of the commodity bounce,” they say.

“In the last few years gold and silver have both traded marginally above their 200 day MAs for a period of a few weeks before giving way to supply.

We won’t bet against this happening again…”

Courtesy: Kitco News

gold price gold price forecast

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

3 hours ago

Indonesia's Finance Minister Guarantees No Fuel Price Hike for Subsidized Fuels Until 2026 End

[SMM Aluminum Express News] Finance Minister of Indonesia Purbaya Yudhi Sadewa has assured that the prices of Pertalite and Solar (subsidized fuels) will not increase until the end of 2026. Despite rising global oil prices due to geopolitical conflicts, the government has prepared various scenarios to maintain domestic energy price stability.

3 hours ago

4 hours ago

Vedanta Reports Record Alumina and Aluminium Production for FY 2025-26

[SMM Aluminum Express News] Vedanta Limited reported its highest-ever production for FY 2025-26 (ended March 31, 2026). Alumina production rose 48% to a record 2.92 million tonnes. Aluminium output reached a record 2.46 million tonnes, up 1% from the previous year. The strong performance reflects improved operational efficiency and Vedanta’s growing position in the global aluminium value chain.

4 hours ago

EGA Al Taweelah Smelter to Take Up to 12 Months to Fully Resume After Iranian Attack

[SMM Aluminum Express News] Emirates Global Aluminium (EGA) estimates it will take up to 12 months to fully resume aluminium production at its Al Taweelah smelter in Abu Dhabi following the Iranian missile and drone attack. The attack caused power loss and an uncontrolled shutdown, with molten metal solidifying inside the potlines, resulting in significant damage to the smelter and casthouse. EGA CEO Abdulnasser Bin Kalban said the company is assessing the damage and will work closely with affected customers. He noted that while the smelter may take up to a year to restart, the Al Taweelah alumina refinery (2.4 million tpy) and recycling plant (185,000 tpy) could resume operations earlier.

4 hours ago