Gold's rally is too strong
Although the price of precious metals had been declining, it ended the week with a strong gain, raising investor hopes. Some US Federal Reserve officials opposed the idea of a June pause in raising interest rates, and the market is beginning to reverse its year-end rate cut bets. The first resistance is at $1,979 and then at $1,987, while solid support for gold lies around $1,936.
The outlook for gold depends on US interest rates and the dollar, and consolidation may occur this week after major corrections.
The outlook for gold depends on US interest rates and the dollar, and consolidation may occur this week after major corrections.
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