Gold soared to $1296.3 per oz today amid strong sentiment and weak US dollar, gold trades at $1294.4 per oz on Friday afternoon session and silver trades at $17.80 per oz. Under clouds of uncertainty in US and UK, traders believe Brexit may cast a strong impact on US Fed’s rate hike decision in June. Another supporting factor for gold bull was the surprising BOJ decision in no further monetary easing, which sent Japanese currency to a fresh 18-month high. As we have seen substantial inflow of funds to the precious metals market, gold bulls are enjoying a new wave of uptrend momentum since the new year starts. We continue to favour a long position in gold and silver and not surprised to see further price gain above $1300 per oz next week.

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Gold trades at $1230 per oz on Tuesday afternoon session after touching $1214 per oz yesterday. Safe haven demand drives the bullion market higher and gold ETF demand from fund managers remain strong. We are seeing a price range between $1212-$1255 per oz in the recent weeks. While we predicted a solid base of $1214 in the near term, we anticipate an uptrend in bullion prices. The market place Is showing a supportive demand in gold bullion while financial problems persist. However, US dollar index and US FOMC rate decision remained as major factors affecting bullion prices. Technically, momentum in gold future prices is hovering in the neutral zone.  Gold bulls need to breakout the strong resistant at $1250 before seeing a higher price in the yellow metal. 

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