Gold prices posted modest gains on Thursday. This came despite receding risk appetite. However, the news of the tensions near the Straits of Hormuz kept the momentum going in the precious metal. Investors await next week’s Fed meeting which could see the central bank shifting from a neutral outlook to dovish.
Will Gold be Able to Maintain the Uptrend?
The precious metal continued to maintain its strong bullish trend on Thursday. Price was seen maintaining the gains as it is currently testing the June 7th highs of 1340.44. A breakout above the 1350 level will be crucial for the precious metal to continue to maintain the gains. To the downside, the support area at 1320 remains critical to the upside.
