Gold Takes a Breather, Hovers Near 3-Week High

Source:

Sentiment in gold turned bullish after it broke a key resistance of $650 last week and stayed above that level, triggering buying from investors who had sold the metal to cover losses after a sell-off in global equities in early March.

Gold eased on Friday after rallying to a three-week high above $666 an ounce the previous day as a surge in crude oil sparked buying from investors, but analysts said the uptrend was still intact.

"I think this trend will continue. $700 is possible by the end of June," said Yukuji Sonoda, precious metals analyst at Daiichi Commodities in Tokyo...

Sentiment in gold turned bullish after it broke a key resistance of $650 last week and stayed above that level, triggering buying from investors who had sold the metal to cover losses after a sell-off in global equities in early March.

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