Published on 09.02.2017 17:56

The gold price is range bound today, struggling to rack up its 6th straight day of gains as geo political events keep a floor under the price.

At 3.15pm (GMT) the gold price was trading at $1.236, slightly down from $1.239 in yesterday’s trading.

Although the precious metal took a breather today, the consensus in the market is that it will resume its trend upwards on the back of US president Donald Trump’s policies

 There is also the uncertainty at the moment in Europe, of what will become of the European union, with the arrival of presidential and parliamentary elections in a number of countries over the next few months.

"Gold prices will be a little bit rangebound with some upside bias for the next few weeks or so," said OCBC analyst Barnabas Gan."

"The risk factors have not really changed so far we're talking about Donald Trump, we're talking about the political situation in Europe and because of all these factors, we do expect market watchers to stay cautious into the months ahead to gauge how the global economy is going to perform."

Form a technical point of view, gold has struggled to break through the $1250 an ounce mark and some believe that this will also play a factor in the nearest future,

“We focus on $1251 as a major resistance area, as it is the 50% retracement level from summer 2016 highs to the recent low at $1124,” said Jason Rotman, principal at Lido Isle Advisors

 “We think the low $1250s are going to provide formidable resistance to gold prices.” He added.

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