Gold futures turned higher on Tuesday, with investors encouraged by the metal’s climb back above the US$1,800-an-ounce mark to touch its highest intraday level since September 2011. Gold saw “a classic case of the market allowing some early profit taking, clearing out some short term, [and] weaker participants then buying the dip in size to take gold higher,” Jeff Wright, executive vice president of GoldMining Inc., told MarketWatch. This may be the day that prices settle back above $1,800 an ounce, but “there is clearly some resistance at this level,” he said. “I am looking closely at the U.S. dollar as key either way. I do believe gold can go higher” but the metal needs a push or new catalyst, in addition to U.S. dollar weakness.”

Source: The Standard July 07, 2020 15:11 UTC