Gold prices managed to rebound after price fell close to the $1400 an ounce level. The rebound in gold prices comes as investors wait for further catalysts. On the economic front, the first quarter GDP from the US was unrevised at 3.1%. Meanwhile, pending home sales rose 1.1% matching estimates.
Will Gold Continue to Rise Higher?
The precious metal retreated off the highs to establish support at the $1404 level. Gold posted a lower high on the rebound off the support level. Failure to post further gains could see gold once again easing back to the 1404 level. A break down below this level could signal further declines. The next support level is at 1354.00
