Published on May 31, 2017
Gold is holding on to most of its recent gains following the latest U.S. housing sector data that showed a further slowdown in purchases in coming months. The gold market remains near its one-month high in initial reaction. “Gold pulled back to $1,262 overnight, after seeing solid support at $1,260. Silver fell back to $17.22, with solid support at $17.00,” explained Todd “Bubba” Horwitz of bubbatrading.com. “Both precious metals look good and should bounce from here, there is something underneath the surface pushing the metals higher,” he added. August Comex gold last traded at $1,269.30 an ounce, up 0.28% on the day. The metal is now awaiting for the afternoon release of the Federal Reserve’s Beige Book report, which is not expected to derail the Fed from a widely expected June interest-rate hike.