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Will Gold Prices Continue Rising?


Jon Steeler

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The recent climb in Gold prices seemed to have stalled at the moment but the current macroeconomic environment may keep the precious metal stronger even as some technical indicators show it being in overbought territory. 

The recent run up in gold was due to the recent speculation that the US may be looking to cut interest rates, causing investors to move their money into the commodity. The recent better then expected ISM non manufacturing data halted the recent advance and any signs that a recession may be averted will help to push prices back sell side. 

However the ADP employment survey does not bode well for the NFP data scheduled to be released tomorrow and with signs of slowing job growth this may help to push the gold rally up further as it will put pressure on the fed to cut rates sooner rather then later.

There is currently a high possibility that the fed will cut rates in June so in my opinion I would expect the climb in gold to continue. 

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