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