MTECHTIPS:-Gold prices move higher but upside seen limited

MTECHTIPS:-Gold prices move higher but upside seen limited

MTECHTIPS-Gold prices moved higher on Friday, but gains were expected to remain limited as the greenback recovered from recent losses posted after the release of the minutes of the Federal Reserve’s meeting. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were up 0.43% at $1,261.83. The June contract ended Thursday’s session 0.26% higher at $1,256.40 an ounce. Futures were likely to find support at $1,247.60, the low of May 24 and resistance at $1,263.80, the high of May 23. The greenback regained some ground thanks to Thursday’s better than expected U.S. initial jobless claims data. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.09% at 97.24. A stronger U.S. dollar usually weighs on gold, as it weakens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119