04.06.2020 Gold Daily Analysis

04.06.2020 Gold Daily Analysis

Gold edged higher on Thursday and moved back above the $1700 mark, recovering a part of the overnight sharp fall to near four-week lows. The yellow metal is currently trading near $1,730 per ounce – up 2.75% from the opening price of $1,685 observed on May 1. Prices rose by nearly 7% in April. The safe-haven commodity managed to find some support near 50-day SMA, around the $1690 region and gained some positive traction on Thursday amid concerns over worsening US-China relations. “Gold prices are likely to remain in the range of $1,700-$1,780 per ounce,” Yuriy Mazur, head of data analytics at CEX.IO told FX Street. “The main factors in the growth of precious metals will be expectations for the OPEC meeting and fears of a second wave of the coronavirus pandemic,” Mazur added.