June gold futures a buying opportunity on more price strength.
See on the daily bar chart for June gold futures that prices have made a good recovery from the February low and this week hit a fresh three-week high. The bulls are gaining upside near-term technical momentum. There has also been some fresh safe-haven demand for gold surface this week, due to the Cyprus-European Union debt problems. A move in June gold futures prices above solid chart resistance at $1,620.60 would provide the bulls with better upside technical power, and it would also become a fresh buying opportunity. The upside price objective would be $1,700.00, or above. Technical support, for which to place a protective sell stop just below, is located at $1,590.00.
