Commodities » Precious Metals
Dow Jones closed below 10,000 on Monday
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Spot Gold prices yet again remained under pressure and traded sideways yesterday as the dollar remained stagnant earlier but bounced back towards the end of trading session and made the yellow metal look unattractive for holders of other currencies. Gold prices declined tremendously in the last week as the dollar had breached its seven months high. Also, risk aversion in the markets had led to a sell-off in commodities across the board.
OUTLOOK
We expect Gold prices to trade sideways with a negative bias on the back of:
- Strength in the US dollar, which is currently trading above the 80 mark.
- Risk aversion in the financial markets that could lead to a sell-off in equities and commodities.
On intraday basis, Spot Gold prices have immediate support at $1058/$1048 whereas resistance is seen at $1068/$1078. Spot Silver prices shall find support at $14.84/$14.63 whereas resistance is seen at $15.16/$15.47.
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