Pound ‘pounded’ by po­lit­i­cal un­cer­tainty, Gold steady

Financial Mirror (Cyprus) - - FRONT PAGE -

Gold’s re­cov­ery, with prices trad­ing be­low $1280.

The yel­low metal re­mains a bat­tle­ground for bulls and bears and as such, is likely to trans­late into prices trad­ing in a wide range. While bulls may find sup­port from po­lit­i­cal risk and geopo­lit­i­cal ten­sions, bears are poised to be in­spired by ex­pec­ta­tions of higher U.S. in­ter­est rates and a sta­bil­is­ing Dol­lar.

From a tech­ni­cal stand­point, pre­vi­ous sup­port around $1280 has the abil­ity to trans­form into a dy­namic re­sis­tance that trig­gers a de­cline back towards $1267. Al­ter­na­tively, a break above $1280 could open a path towards $1289 and $1300, re­spec­tively.

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