Gold Price Gets a Reprieve; Gold Bulls Still in Control - Analyst

April 27, 2017

New York (April 27)  Gold prices have moved from near steady levels seen in earlier trading to modestly higher in late-morning trading Thursday. "Some bargain hunting following recent losses and some short covering in the futures market by the shorter-term traders are featured. However, gains are being limited by a resilient U.S. stock market that sees index prices near record highs,' explained Jim Wyckoff, senior technical trader for Kitco Metals. June Comex gold was last up $2.70 an ounce at $1,266.80. The metal saw little reaction to Thursday's European Central Bank data. The marketplace now awaits Friday's U.S. GDP report due for release at 8:30AM ET.

By 3:00pm EST spot gold was down nearly $2 to $1265, while spot silver was was off nearly 1% at $17.33. However, spot palladium surged $7 to $818.

Source: TheStreet

 

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