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Gold recovering from oversold level

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NEW YORK (Scrap Register): Gold is rebounding from oversold levels, helped by bullishness associated with a pullback in the U.S. dollar, more worries  about U.S. and global political headlines, Brexit and the economy, said George Gero, managing director with RBC Wealth Management.

Further, in the U.S., some analysts are worried about earnings going forward and potential for a pullback in stocks, Gero noted.

“All this contributes to bids for gold,” he added. Additionally, Gero said that open interest, volume and moving averages are all higher.

As of 8:44 a.m. EDT, Comex June gold was $10.2 higher to $1,305.80 an ounce.

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