Traders continue to focus on the recent double bottom in gold

New York (Apr 21)  As of 5:15 PM EST, gold futures most active June 2021 Comex contract is currently fixed at $1779.20, which is a net gain of $8.60. The June contract did trade to a lower low than yesterday, hitting $1763.50 on an intraday basis. Gold also traded to a lower high when compared to yesterday; however, it closed solidly above Monday’s settlement price.

It was buying by market participants that resulted in today’s price advance. It can be clearly seen when we look at current spot or forex gold prices through the Kitco Gold Index (KGX). Spot gold is currently fixed at $1778.80, after factoring in today’s price advance of $6.80. However, dollar strength resulted in a decline of $2.35, with market participants bidding the precious yellow metal higher by $10.10.

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