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MKS: Gold Support Around $1,210-$1,220 Should Restrict Declines

Tuesday, 23 October 2018 06:15 WIB Gold Outlook Gold Corner

Spot gold remains above chart support that starts around $1,220 an ounce, says MKS (Switzerland) S.A. 'Trade concerns between the U.S. and China remain elevated and the ongoing U.S.-Saudi tensions are likely to continue to underpin a bid tone for bullion over the near term,' MKS says. 'Supportive price action around $1,210-$1,220 should restrict declines amid current global political uncertainty, while a test through $1,230-$1,235 will likely squeeze further shorts out of the market and see gold toward $1,250.' Just before 8:30 a.m. EDT, spot gold was down $3.40 to $1,223.10 an ounce. Meanwhile, Todd 'Bubba' Horwitz from Kitco said the metals continue to pick up strength and look like...

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