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Gold marks best settlement in nearly 2 weeks
Tuesday, 10 July 2018 01:33 WIB | PRECIOUS METALS |GOLDEMAS SPDR Gold Trust

Gold futures prices climbed Monday, with the recent retreat in the U.S. dollar helping to lift the metal to its strongest finish in nearly two weeks, as investors tested key chart territory for bruised bullion.

August gold tacked on $3.80, or 0.3%, to settle at $1,259.60 an ounce, the highest finish for a most-active contract since June 26, according to FactSet data.

Gold "needs to break and trade" over $1,272.70 until Friday "to attract short covering and make way for $1,302," said Karnani. But if gold does not break that 100-week moving average of $1,272.70, "then it will trade in a wider $1,235-$1,272.70 range."

On Monday, the most popular fund tracking gold, the SPDR Gold Shares was up 0.3%.

The ICE U.S. Dollar Index traded 0.2% higher Monday, but was down 0.5% so far this month. A weaker buck can make assets pegged to the currency, including gold, more attractive to buyers using other monetary units.

Source : Marketwatch

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