UNITED STATES June 29 2017 12:02 PM
NEW YORK (Scrap Register): Spot gold is stuck in a trading range at the moment but found support early Wednesday from buying in the Far East, said MKS (Switzerland) S.A.
Asian hours on Wednesday saw gold trade with a modest bid bias, running into offers around $1,250 in early pricing, before breaking above the figure on the back of solid interest out of the Far East, said Sam Laughlin, senior trader of precious metals.
The Shanghai Gold Exchange saw the on-shore premium move higher once again, testing toward $12 over loco London gold and registering solid volumes.
“Gold looks to be stuck within a $1,238-$1,260 range over the short term, with the 200 DMA [200-day moving average at $1,235] underpinning the lower end of the range, while ongoing political concerns in the U.S. and global geopolitical concerns support higher price action,” he added.