Home Gold to face firm resistance at $1750 – OCBC

Gold to face firm resistance at $1750 – OCBC

Updated: 15 Jun. 2020 | 10:12

Howie Lee, an economist at OCBC Bank, notes how the yellow metal has rebounded amid concerns of a second wave of coronavirus but sees a tough resistance at the $1750 level.

Key quotes

“Gold broke sharply below the $1700/mt level a week ago but rebounded strongly after it looks like a second wave of Covid-19 contagion might be sweeping the US and China.”

“Risk-off sentiment should support the precious metal this week, although we continue to see strong resistance at $1750/oz.”

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