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31 May 2017

Gold jumps to $1274 1-month high

Gold rose further during the American session and broke above $1270. It peaked at $1274.05/oz, the strongest level since April 25. It remains above $1272, consolidating important daily gains and also on top of the $1270 zone that has been an important resistance. 

From the lows, XAU/USD has risen more than $10, resuming the upside supported by a decline of the US dollar and rising Treasuries. The 10-year yield fell below 2.20% and moved closer to 2017 lows. 

US: Treasury yields fall on last day of month

Wednesday is being characterized by month-end flows and a decline of the greenback against European currencies and the yen. EUR/USD moved near 2017 highs while USD/JPY dropped to 110.50, lowest since May 18. 

Technical levels 

To the upside, resistance could be seen at $1274 (daily high), $1278, $1283 (Apr 20 high) and $1288 (Apr 21 high). On the flip side, support now might lie at $1269, $1264 (May 18 high/May 29 low) and $1259 (May 30 low).

 

May 31, 2017

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May 31, 2017

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