Gold Price Trading According To Script

London (June 23)  Gold is acting according to script, moving higher as the dollar softens and U.S. equity prices begin to weaken. It may be nothing more than some short covering ahead of the weekend as geopolitical tensions with North Korea and Russia, over Syria, continue to simmer. Short covering in copper and a stabilizing oil price have lifted enthusiasm for silver. We continue to see demand from the Far East on dips. A possible test of the $1,265 area is in the cards today, with support at $1,249. It appears unlikely that the lower band will be broken today, with a more likely scenario suggesting a higher print by the end of the trading day.

Source: Reuters