Gold Gain Momentum Amid Global Trade Worries
Gold started the day higher today after yesterday’s correction at $1,330. The precious metal, trades at 1,336 hitting the low at 1332.21 and the daily high at 1,338.25. Investors focus turn back to safe heaven assets as global trade worries are back on the table. The possibility of a rate cut in June by FED also gives a hand to the yellow metal.
The precious metal momentum is bullish as it holds above all the major daily moving averages despite the recent correction. The immediate support for the yellow metal stands at $1,328 the low from yesterday and the 200 hour moving average that have tested successfully twice, while more solid support can be found at the $1,310 the low from early April. On the upside resistance would be met at 1344 recent high. We are bullish on gold and any pullback should consider a buying opportunity.