“The trajectory of technical indicators like the RSI is tapering off indicating some consolidation pattern ahead. The 14day RSI had failed to break below the mid-50 level last week when prices retraced suggesting some support at the low. Resistance is at US$1,768 and US$1,800 whilst the immediate support lies at last week low of $1,666.20 and $1,700,” said Phillip Futures analyst Avtar Sandu.
SINGAPORE (Apr 28): As the Covid-19 death toll eases in Spain, France and Italy, gold futures ended lower on Monday as investors turn to riskier assets amid hopes that lockdown measures in these countries will soon be lifted.
According to local research house Phillip Futures, the benchmark Comex GC June gold futures contract ended lower by US$11.80 (S$16.76) for the second day straight at US$1,723.80 an ounce. This followed a Monday rally in stock prices, as investors bet on Italy easing its lockdown from May 4, after apparently hitting a peak in infection numbers.
