Bullish on Gold if market can close over $1 580 oz: Olympus Futures

By in Bullion on June 8, 2012

NEW YORK : If Comex August gold prices can close over $ 1,580 an ounce and the yellow metal prices might trend higher next week, said Charles Nedoss, senior market strategist at Olympus Futures.

Nedoss continued that, the 20-day moving average lies around that region, specifically at $ 1,580.50, based on technical-chart analysis.

Next week the market will look again at Europe, with the Greek elections a major influence. Although the market did not receive much of a boost from a Chinese rate cut this week, he added.

Nedoss also says that’s ultimately supportive for prices and he sees the Chinese continuing to take efforts to boost their economy.

As of 11:33 a.m. EDT, Comex August gold was trading at $ 1,584.80, down $ 3.20 for the day.

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