from King World News
After recently hitting fresh 7+ year highs, the gold market has been consolidating gains but the downside risk is limited according to one analyst. Meanwhile, Europe is driving the rally in stocks, plus a look at market sentiment and real estate.
Downside Risk For Gold Limited
May 27 (King World News) – Ole Hansen, Head of Commodity Strategy at Saxo Bank: Gold testing support with bulk of recently establish longs are now under water. US dollar weakness having limited impact with XAUEUR down more on EU’s fiscal-stimulus proposal. The S&P500 is making a second attempt to break free of its 200 DMA > 3000. Support: $1690, 1665, 1640 (see below).