Gold price stays sidelined
The spot gold price has been range trading in low volatility these past few days and trades close to minor support seen at the 1 May low at $3,202.00 per troy ounce.
While the $3,208.00-to-$3,202.00 support zone underpins on a daily chart closing basis, a rise towards the $3,300.00 area may unfold.
For a bullish reversal to take shape, Friday’s high at $3,252.00 would need to be exceeded on a daily chart closing basis.
A fall through the $3,208.00-to-$3,202.00 support zone would put the early April high at $3,167.00 back on the map, ahead of the 55-day simple moving average (SMA) at $3,151.00 and last week’s low at $3,121.00.