Gold Futures Gain Ground Amid Reatreating Stock Markets and Weak Dollar
Gold futures price extended gains on Friday to a second consecutive session amidst declines in stock markets and a weak U.S. dollar, the currency that gold is cashed in.
Gold prices for June delivery advanced more than 0.2 percent to nearly $1,227.00 an ounce after a 0.5 percent advance Thursday while the MSCI Asia Pacific Index slipped 0.3 percent. Asian shares retreated from their highest level in almost two years recorded on Thursday.
U.S. dollar remained weak on Friday versus a basket of other six major currencies. A weak dollar causes commodities priced in the currency like gold more affordable for buyers using other currencies.
Buy Stop at 1227.00, Take profit 1235.00, Stop loss at 1223.00