Gold prices fell slightly in May, down $15/oz over the month. Having fallen below the threshold of $1300/oz, driven by the dollar and US rates, the yellow metal recovered, buoyed by the uncertainty in Italy. There is no real trend to expect within the range of $1275/85-$1365/75, which is restricted by the 200-day average, on the one hand, and, on the other hand, by the resistance zone at $1366/$1375/oz (high points in 2018 and 2016 respectively).

Change in gold prices ($/oz) since 2011

Source: Bloomberg

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