Bullish sentiment is prevailing in the gold market, with prices now lurching higher to $1,300/oz.
The gold market has a strong start of 2015 due to strong safe-haven demand, position building by some institutes, and robust physical demand in China and India.
“An upward momentum is still technically available, but downward risks are also possible,” an analyst from Zhaojin Futures said in a most recent SMM survey.
Uncertainties over risky events in Europe, including fresh monetary easing policy and political woes in Greece, have already gave a strong boost to current gold prices, and the market, surging $130/oz since the beginning of 2015, is overbought to some extent, the analyst added.
Zhejiang Yaang Pipe Industry Co., Limited