NEW YORK (Scrap Register): Range-bound gold has been in a tug-of-war, although the metal is currently near the lower end of the range, said Lukman Otunuga, research analyst at FXTM.
Prices were largely flat in overseas trading early Friday ahead of the monthly U.S. jobs report. Price action suggests that gold bulls and bears have been engaged in a tug-of-war since the start of the trading year, with support at $1,300 and resistance at $1,360,” Otunuga added.
While geopolitical tensions and overall uncertainty supported bulls, bears have received constant inspiration from U.S. rate-hike expectations.
With prices sinking close to the $1,300 support level this week amid an aggressively appreciating dollar, could the tug-of-war be coming to an end?