Gold futures ended higher on Friday as chart levels were broken, but it was pressured by a stronger dollar and renewed expectations for a U.S. rate hike this year.
U.S. gold for June delivery settled up 0.9 percent at $1,204.60 an ounce. Spot gold was last up 1.15 percent to $1,208 an ounce. Flat initially, it gained momentum after a break of technical resistance at $1,196 that triggered automatic buy orders.
“This move is coming during a week when we didn’t really have any gold-positive news but …the way gold is putting up a fight at the moment is potentially giving some confidence to the market,” Saxo Bank senior manager Ole Hansen said.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015