The US$2,720 level has proven to be a critical resistance for gold, with the previous two interactions triggering “significant short-term bearish reversals”, notes Yeap Jun Rong, market strategist at IG. Photo: Bloomberg
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Year to date, the commodities market has seen some standout performance, says Yeap Jun Rong, market strategist at online trading provider IG.
Cocoa prices have surged by 180% till date, while precious metals like gold and silver have gained over 20%, he adds. “The rally in precious metals has been fuelled by persistent geopolitical uncertainties, including conflicts in Eastern Europe, the Middle East and US-China trade relations, which have supported safe haven flows.”
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