Quote on Gold : Gold prices have been struggling to gain momentum and have remained weak, trading below the 61000 level Says Jateen Trivedi, LKP Securities
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Below is Quote on Gold 12 May 2023 By Jateen Trivedi, VP Research Analyst at LKP Securities
"Gold prices have been struggling to gain momentum and have remained weak, trading below the 61000 level. This could be attributed to a combination of factors such as weak market sentiment caused by concerns over the US debt crisis and the recent PPI data from the US.
In addition, gold on the Comex market is currently hovering near a strong support level of 2000$, and a break below this level, if sustained, could further weaken the sentiment and bring in more bearish sentiments into the gold market.
Furthermore, the upcoming policy decision of the Federal Reserve in June is likely to be a key trigger for the gold prices, and any hints of a hawkish stance could further weaken the sentiment in the gold market.
In summary, the weakness in gold prices could continue due to the prevailing negative market sentiment, potential breaks below key support levels, and uncertainty over the Federal Reserve's policy decision in June"
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