Gold bears lining-up for potential profit-taking scramble
The price of gold has accumulated bids and offers in a precarious spot on the charts, drawing in anticipation of a phase of distribution.
On the day, the price has stuck to a tight range of between $1,765.94 and $1,775.69 and is down by 0.07% at the time of writing.
However, gold futures settled with a modest gain and leaves the prospects for a positive half of a year by quarter-end for prices.
Gold closer to long-term high again
The gold futures contract gained 0.55% on Friday, as it continued to trade along Wednesday’s new yearly high of $1,796.10. The market has extended its long-term uptrend last week. The recent economic data releases didn’t bring any new surprises for the financial markets, however, gold broke above its local highs, as we can see on the daily chart.