June Comex Gold futures finished unchanged on Friday. Earlier in the week, it finished only 50 cents higher for the month after reaching its highest level since January 2015, narrowly avoiding a monthly closing price reversal top. This indicates investors may not be buying into the so-called bull market.
Last week’s weaker U.S. Dollar didn’t help gold prices at all. Traders instead were primarily focused on the direction of the stock market. Gold is likely to continue to feel downside pressure as long as stock prices remain strong. The price action also reflects confusion over the direction of U.S. interest rates.
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