Gold is holding steadily above $1,830
Gold is holding steadily above $1,830. Investor interest in bullion remains high, thanks to inflations fears and US job data, pulling the price close to the three-month-high.
Technically a clear surpass of $1,840 could open space for further recoveries, while the main trend remains supportive, with a potential target of the current bullish movement to the resistance placed at $1,870/1,875.
Meanwhile, palladium remains under the spotlight, as the price is back close to $3,000. Palladium is soaring on growing expectations of a further deficit in supply. Demand – mostly from the automotive sector, where the precious metal is used in catalytic converters – remains high, while supply will decrease this year after Nornickel cut its production forecast.
Carlo Alberto De Casa – Chief analyst, ActivTrades
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