Gold

Gold 6/22/2018 9:21:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Bearish megaphone” pattern in daily time frame. Last few sessions ended up bearish in trend after a few consolidations inside the channel, where the market is expected to continue to rally on the same momentum. The negative rally could be testing all the way through 30500-30300 levels and furthermore in the upcoming sessions. An alternative scenario indicates that if the market’s able to break above a key resistance zone near 30800, then the trend might revise again to bullish. Key support holds at 30300.


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Technical Chart:
Gold 6/21/2018 9:19:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Bearish megaphone” pattern in daily time frame. Last few sessions ended up bearish in trend after a consolidation inside the channel, where the market is expected to continue to rally on the same momentum. The negative rally could be testing all the way through 30700-30500 levels and furthermore in the upcoming sessions. An alternative scenario indicates that if the market’s able to break above a key resistance zone near 31100, then the trend might revise again to bullish. Key support holds at 30500.


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Technical Chart:
Gold 6/20/2018 9:32:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Bearish megaphone” pattern in daily time frame. Last session ended up bearish in trend after a consolidation inside the channel, where the market is expected to continue to rally on the same momentum. The negative rally could be testing all the way through 30800-30700 levels and furthermore in the upcoming sessions. An alternative scenario indicates that if the market’s able to break above a key resistance zone near 31100, then the trend might revise again to bullish. Key support holds at 30700.


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Technical Chart:
Gold 6/19/2018 9:01:00 AM

 Technical outlook

MCX Gold daily technical chart has taken the formation of “Bearish megaphone” chart pattern, Last session ended up neutral doji candle which is indicating  retesting the channel’s resistance slope line 31000, where the market is expected to continue to rally on the bearish momentum. The negative rally could be testing all the way through 30900-30800 levels and furthermore in the upcoming sessions. An alternative scenario indicates that if the market’s able to break above a key resistance zone near 31200, then the trend might revise again to bullish. Key support holds at 30800.


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Technical Chart:
Gold 6/18/2018 9:11:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Bearish megaphone” pattern along with a long-term “Rising channel” in daily time frame. Last session ended up bearish in trend retesting the channel’s resistance slope line, where the market is expected to continue to rally on the same momentum. The negative rally could be testing all the way through 30900-30800 levels and furthermore in the upcoming sessions. An alternative scenario indicates that if the market’s able to break above a key resistance zone near 31200, then the trend might revise again to bullish. Key support holds at 30800.


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Technical Chart:
Gold 6/15/2018 8:53:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Bearish megaphone” pattern in daily time frame. Last session ended up bullish in trend, where the market is expected to continue to rally on the same momentum. A break above the key resistance zone near 31450 will confirm the buy signal. The positive rally could be testing all the way through 31500-31600 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could be testing 31300-31200 levels. Key support holds at 31200.


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Technical Chart:
Gold 6/14/2018 9:10:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Ascending broadening wedge” pattern along with a short-term “Bearish megaphone” in daily time frame. Last few sessions ended up in consolidation, where the market is expected to continue to rally on the bearish term. The negative rally could be testing all the way through 31050-30900 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 31250, then it might turn bullish once again. The upside rally could be testing 31300-31400 levels. Key support holds at 30900.


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Technical Chart:
Gold 6/13/2018 9:43:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Ascending broadening wedge” pattern along with a short-term “Bearish megaphone” in daily time frame. Last few sessions ended up in consolidation, where the market is expected to continue to rally on the bearish term. The negative rally could be testing all the way through 31080-30900 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 31250, then it might turn bullish once again. The upside rally could be testing 31300-31400 levels. Key support holds at 30900.


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Technical Chart:
Gold 6/12/2018 9:36:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Ascending broadening wedge” pattern along with a short-term “Bearish megaphone” in daily time frame. Last session ended up in consolidation, where the market is expected to continue to rally on the bearish term. The negative rally could be testing all the way through 31080-30900 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 31250, then it might turn bullish once again. The upside rally could be testing 31300-31400 levels. Key support holds at 30900.


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Technical Chart:
Gold 6/11/2018 9:32:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Ascending broadening wedge” pattern along with a short-term “Bearish megaphone” in daily time frame. Last few sessions’ been bullish in trend, where the market is expected to continue to rally on the same term. The positive rally could be testing all the way through 31300-31400 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a support holding at 30900, then it might turn bearish once again. Key resistance holds at 31400.


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Technical Chart:
Gold 6/8/2018 9:23:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Ascending broadening wedge” pattern along with a short-term “Bearish megaphone” in daily time frame. Last session’s been a strong bullish one, where the market is expected to continue to rally on the same trend. The positive rally could be testing all the way through 31250-31400 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a support holding at 30900, then it might turn bearish once again. Key resistance holds at 31400.


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Technical Chart:
Gold 6/7/2018 9:27:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last session’s been a gap up one that has ended up in bearish term, where the market is expected to rally on the same trend once it breaks below a key support zone near 30750. The downside rally could test all the way through 30650-30500 levels in the upcoming sessions. An alternative scenario indicates that if the support zone holds strong then the market might retest the same and turn to bullish term once again. The upside rally could test 31000-31200 levels. Key resistance holds at 31200.


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Technical Chart:
Gold 6/6/2018 9:30:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last few sessions seems consolidated retesting near the channel’s support slope line, where the market is expected to rally on a bullish momentum. The upside rally could test all the way through 30850-31000 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support zone near 30500, it might turn to bearish term once again. The downside rally could test 30400-30300 levels. Key resistance holds at 31000.


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Technical Chart:
Gold 6/5/2018 9:22:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Bearish megaphone” pattern in daily time frame. Last few sessions been bearish in trend inside the channel where the market is expected to rally furthermore on the same trend. The downside rally could test all the way through 30450-30200 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance zone near 30800, it might turn to bullish term once again. Support holds at 30200.


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Technical Chart:
Gold 6/4/2018 9:04:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Bearish megaphone” pattern in daily time frame. Last few sessions been bearish in trend inside the channel where the market is expected to rally furthermore on the same trend. The downside rally could test all the way through 30400-30200 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance zone near 30900, it might turn to bullish term once again. Support holds at 30200.


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Technical Chart:
Gold 6/1/2018 9:27:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Descending triangle” pattern in daily time frame. Last session’s been bearish in trend as the prices have already broken out the channel’s support line. The market is expected to rally furthermore on bearish momentum. The downside rally could test all the way through 30800-30700 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance zone near 31000, it might turn to bullish term once again. The upside rally could test 31100-31200 levels. Support holds at 30700.


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Technical Chart:
Gold 5/31/2018 9:49:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Descending triangle” pattern in daily time frame. Last few sessions of the market’s in consolidation retesting near the channel’s support line. The retest is expected to push the market furthermore on a bullish momentum. The upside rally could test all the way through 31200-31400 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support zone near 30900, it might turn to bearish term once again. The downside rally could test 30800-30700 levels. Resistance holds at 31400.


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Technical Chart:
Gold 5/30/2018 8:23:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Descending triangle” pattern in daily time frame. Last sessions of the market’s been bullish in trend after retesting near the channel’s support slope line. The retest is expected to push the market furthermore on a bullish momentum. The upside rally could test all the way through 31250-31400 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support zone near 31000, it might turn to bearish term once again. The downside rally could test 30900-30800 levels. Resistance holds at 31400.


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Technical Chart:
Gold 5/29/2018 9:40:00 AM

Technical outlook

Gold technical chart has taken the formation of “Falling wedge” pattern in daily time frame. Last few sessions of the market seems to be consolidated near the channel’s resistance slope line. The retest is expected to push the market furthermore on a bearish momentum. The downside rally could test all the way through $1295-1285(30885-30635) levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above the resistance zone at $1300(31010), it might turn to bullish term. Support holds at $1285(30635).


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Technical Chart:
Gold 5/28/2018 9:57:00 AM

Technical outlook

Gold technical chart has taken the formation of “Falling wedge” pattern in daily time frame. Last session of the market’s been bearish in trend retesting the channel’s resistance slope line. The retest is expected to push the market furthermore on a bearish momentum. The downside rally could test all the way through $1295-1290(31115-30990) levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above the resistance zone at $1300(31240), it might turn to bullish term. Support holds at $1290(30990).


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Technical Chart:
Gold 5/25/2018 9:13:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Rising channel” pattern in 4hr time frame. Last session of the market’s been bullish in trend where the same has already retested the channel’s support slope line. The market is expected to rally on bullish term along with some small corrections over negative momentum. The upside rally could test all the way through 31500-31550 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the support zone at 31350, it might turn to bearish term. The downside rally could test 31200-31000 levels. Resistance holds at 31550.


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Technical Chart:
Gold 5/24/2018 9:18:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last few sessions of the market’s been bullish in trend where the same has already retested the channel’s support slope line. The positive rally could be extending all the way through 31250-31500 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the support zone at 30900, it might turn to bearish term. The downside rally could test 30750-30500 levels. Resistance holds at 31500.


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Technical Chart:
Gold 5/23/2018 9:37:00 AM

Technical outlook

MCX Gold futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. A short term bullish momentum is indicated in the upcoming sessions where market has already retested a strong support zone near 30900. The positive rally could be testing all the way through 31250-31500 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the support level, it might turn to bearish term. The downside rally could test 30750-30500 levels. Resistance holds at 31500.


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Technical Chart:
Gold 5/21/2018 9:22:00 AM

Gold prices rose on Friday as a weaker dollar and falling U.S. Treasury yields supported demand for the precious metal but gains were limited as traders remained cautious of a bounce back in yields.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose to a five-month high of 93.74 before paring some of its gains.

Technical outlook

Gold daily chart has formed “Rising channel” pattern. The last few sessions ended up retesting near the channel’s support slope line. The market is expected to continue on a bullish momentum, testing all the way through 31250-31500 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 30900 then it might turn bearish once again. The downside rally could test 30800-30600 levels. Key resistance holds at 31500.


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Technical Chart:
Gold 5/18/2018 9:15:00 AM

Gold prices traded almost unchanged on Thursday as the rally in bond yields and the dollar calmed, restraining downside momentum in the precious metal.

The fall in bond yields on Thursday comes despite data pointing to signs of rising inflation that could prompt the Federal Reserve to take on a faster pace of monetary policy tightening, ensuring the economy does not overheat.

The Philadelphia Fed said Thursday its manufacturing index rose to a reading of 34.4, from 23.2 in May. That was the highest reading since 1973.

 

Technical outlook

Gold daily chart has formed “Rising channel” pattern. The last few sessions ended up retesting near the channel’s support slope line. The market is expected to continue on a bullish momentum, testing all the way through 31150-31300 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 30900 then it might turn bearish once again. The downside rally could test 30800-30600 levels. Key resistance holds at 31300.


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Technical Chart:
Gold 5/17/2018 9:09:00 AM

Gold prices moved optimistic as both the dollar and U.S. bond yields dropped from their highs, helping the yellow metal to recover some of its losses sustained in the session.

Gold prices recovered losses after falling to a session low of $1,285.70 as the dollar retreated from a five-month high, while the 10-year treasury yield met resistance after touching a nearly seven-year high.

The move off the lows was supported by changed geopolitical uncertainty after President Donald Trump appeared less certain as to whether a planned summit with North Korean leader Kim Jong Un would still take place.

Technical outlook

Gold daily chart has formed “Rising channel” pattern. The last few sessions ended up bearish near the channel’s support slope line. The market is expected to retest the channel’s support slope line and turn bullish. The upside rally could test all the way through 31150-31300 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 30950 then it might turn bearish once again. The downside rally could test 30850-30750 levels. Key resistance holds at 31300.


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Technical Chart:
Gold 5/16/2018 9:25:00 AM

Gold prices touched a fresh low for the year on Tuesday as a rush forward in both the dollar and bond yields on mostly optimistic economic data reduced investor appetite to hold the precious metal.

The Commerce Department said on Wednesday that retail sales fell 0.3% last month. That missed economists’ forecast for a 0.5% rise but retail sales for March was revised higher to 0.8%.

According to Market participants the upward revision to March retail sales promise well for U.S. economic growth as it confirmed expectations that weakness seen in first-quarter consumer spending was temporary, paving the way for additional Fed rate hikes.

Technical outlook

Gold daily chart has formed “Rising wedge” pattern. The last session ended up bearish near the the channel’s support slope line. The market is expected to continue on a bearish momentum, once the same breaks below a key support holding at 31150. The downside rally could test all the way through 31000-30800 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test 31250-31500 levels. Key resistance holds at 31500.


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Technical Chart:
Gold 5/15/2018 9:16:00 AM

Gold prices put great effort to advance amid passive demand as the dollar clawed back some of its losses, while an uptick in U.S. bond yields also restricted upside momentum.

The precious metal put great effort to hold onto gains from earlier in the session as the dollar moved off its lows of 92.11, prompting traders to decide on for concern on setting off large bullish bets on the yellow metal.

The divergence between US growth and interest rates compared to the rest of the world – one of catalysts of the recent dollar rally – was nearing its peak, ING warned last week.

CFTC COT data showed money managers slightly increased their net long positions in gold futures to 107,400 lots from 106,800 lots for the week ended May 8.

Technical outlook

Gold daily chart has formed “Rising wedge” pattern. The last few sessions been bullish in trend after retesting the channel’s support slope line. The market is expected to continue on a bullish momentum, once the same breaks above a key resistance holding at 31550. The upside rally could test all the way through 31650-31750 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test 31450-31350 levels. Key support holds at 31350.


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Technical Chart:
Gold 5/14/2018 9:38:00 AM

Gold prices were more or less unaffected on Friday but looked ready to post a first weekly gain in four weeks as weakness in dollar continued following a recent spell of softer inflation data.

Weaker inflation data seen earlier this week continued to force direction, prompting traders to scale back their prospect for a faster pace of Federal Reserve rate hikes, pressuring both the 10-yield treasury and the dollar, underpinning gold prices.

Bank of Tokyo Mitsubishi said on Thursday - “The inflation threat is simply not materializing. This will take some wind out of the remaining Fed hawks sails and put some of those rate hikes on the horizon in jeopardy,”.

Technical outlook

Gold daily chart has formed “Rising wedge” pattern. The last few sessions been bullish in trend after retesting the channel’s support slope line. The market is expected to continue on a bullish momentum, testing all the way through 31600-31750 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 31350 then it might turn bearish once again. The downside rally could test 31200-31250 levels. Key resistance holds at 31750.


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Technical Chart:
Gold 5/11/2018 9:10:00 AM

Gold prices were close to session highs supported by falling U.S. bond yields and a weaker greenback as inflation data dropped economists’ estimates.

The 10-yield treasury fell below 3%, pressuring the dollar, lifting gold prices higher as unexpected weakness in consumer inflation, impelled traders to scale back their expectations for a faster pace of inflation.

The Labor Department said on Thursday its Consumer Price index rose 0.2% in April missing economists’ forecast for a 0.3% rise. While year-on-year the CPI rose 2.1% in April missing economists’ forecast.

Technical outlook

Gold daily chart has formed “Rising wedge” pattern. The last few sessions been bullish in trend after retesting the channel’s support slope line. The market is expected to continue on a bullish momentum, testing all the way through 31500-31700 levels in the upcoming sessions. Alternatively, the market might also have a chance on giving a small correction over negative momentum. Key resistance holds at 31700 and support at 31250.


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Technical Chart:
Gold 5/10/2018 9:35:00 AM

Gold prices edged with a modest loss on Wednesday for a third-straight session, failing to find support from a pause in the dollars rise to multi-month highs. U.S. stocks and oil prices scaled up with the U.S. decision to withdraw from the Iran nuclear deal, drawing investment interest away from the precious meta

The return of a 3% yield on the 10-year treasury and a rise in 2-year bond yields to a nearly 10-year high following President Donald Trump’s decision to abandon the Iran nuclear deal.

The Labor Department said on Wednesday its producer price index for final demand fell by 0.1% last month after, confounding expectations for a 0.2% rise. In the 12 months through August, the PPI rose 2.6% after rising 3% in March.

Technical outlook

Gold daily chart has formed “Rising wedge” pattern. The last few sessions been bullish in trend after retesting the channel’s support slope line. The market is expected to continue on a bullish momentum, testing all the way through 31400-31500 levels in the upcoming sessions. Alternatively, if the market breaks below the key support holding at 31250 then it might turn bearish once again. The downside rally could test 31150-31000 levels. Key support holds at 31000.


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Technical Chart:
Gold 5/9/2018 9:23:00 AM

Gold prices traded steadily on Tuesday as improved demand for safe-haven gold appeared ahead of U.S. President Donald Trump’s decision on the Iran nuclear deal which balanced an ongoing dollar rally to 2018 highs.

Traders stayed uncertain as to the outcome of Trump’s decision amid contradictory reports.

Renewed safe-haven demand helped limit the drive of an ongoing rally in the greenback to fresh 2018 highs amid expectations for additional Federal Reserve rate hikes.

Technical outlook

Gold daily chart has formed “Rising wedge” pattern. The last session has formed an “Inverse hammer” candlestick pattern which could be read as a trend reversal one. The market is expected to continue on a bearish momentum, testing all the way through 31150-31000 levels in the upcoming sessions. Alternatively, if the market breaks above the key resistance holding at 31300 then it might turn bullish once again. The upside rally could test 31400-31500 levels. Key support holds at 31000.


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Technical Chart:
Gold 5/8/2018 9:32:00 AM

Gold futures completed with a humble loss on Monday as the dollar hit its highest level in months and financial markets considered with a surge in oil prices and its possible impact on the Federal Reserve’s monetary-policy plans.

Gold prices started the week on a set back as the dollar remained in demand after a mixed labor market report on Friday did little to reduce investor expectations for further Federal Reserve rate hikes.

The U.S. economy created 164,000 in April, missing economists’ forecast for 189,000 new jobs. The jobless rate fell to 3.9%, while average hourly earnings grew 0.1%.

Technical outlook

Gold daily chart has formed “Rising wedge” pattern. The last few sessions ended up bullish retesting the channel’s support slope line. The market is expected to continue on a bullish momentum, testing all the way through 31350-31500 levels in the upcoming sessions. Alternatively, if the market breaks below the key support holding at 31000 then it might turn bearish. Key resistance holds at 31500.


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Technical Chart:
Gold 5/7/2018 9:29:00 AM

Gold prices edged with a humble gain on Friday, but computed a third straight week of declines as investors showed a unenthusiastic reaction to the monthly U.S. jobs report which capped the dollar but did little to reduce the outlook of further Federal Reserve rate hikes.

The U.S. economy created 164,000 in April, missing economists’ forecast of 189,000, forcing traders to take some profit on the recent dollar rally.

The outlook of further U.S. rate hikes remained intact, supporting an extended rally in the dollar, limiting upside in the precious metal.

Technical outlook

Gold daily chart has formed “Rising wedge” pattern. The last few sessions ended up bullish retesting the channel’s support slope line. The market is expected to continue on a bullish momentum, testing all the way through 31250-31400 levels in the upcoming sessions. Alternatively, if the market breaks below the key support holding at 31000 then it might turn bearish. The downside rally could test 30900-30800 levels. Key resistance holds at 31400.


Research Report call:

Technical Chart:
Gold 5/4/2018 9:21:00 AM

Gold prices edged higher on Thursday for the first time in four sessions and were set to snap a two-day losing streak after the rally in the dollar paused while renewed geopolitical uncertainty stoked safe-haven demand.

Gold prices found their balance for the first time in three days as investors took profits on the recent dollar rally ahead of a nonfarm payroll report due later on today, expected to show the U.S. economy created 189,000 jobs in April.

Technical outlook

Gold hourly chart has formed “Falling channel” pattern. The last session ended up consolidated as the prices have broken out the channel’s resistance slope line. The market is expected to continue on a bearish momentum, once the same breaks below a key support at 31000. The downside rally could test all the way through 30900-30850 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test 31100-31250 levels. Key resistance holds at 31250.


Research Report call:

Technical Chart:
Gold 5/3/2018 9:24:00 AM

Gold futures ended with a loss on Wednesday as ongoing demand for the dollar pressured the yellow metal to give up some of its intraday gains ahead of a Federal Reserve interest rate decision.

The interest rate resolution will be go together with by a monetary policy statement expected to reflect the upbeat inflationary environment, which could further strengthen expectations for a June rate hike.

Data earlier this week revealed the Federal Reserves favoured inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, rose 1.9% in the 12 months through March, just shy of the Fed’s 2% target.

Technical outlook

Gold hourly chart has formed “Falling channel” pattern. The last session ended up consolidated but bearish in trend near the channel’s resistance slope line. The market is expected to continue on a bearish momentum, once the same breaks below a key support at 30850. The downside rally could test all the way through 30800-30700 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test 30950-31100 levels. Key resistance holds at 31100.


Research Report call:

Technical Chart:
Gold 5/2/2018 8:31:00 AM

 

Gold prices dropped for a second straight session on Tuesday to settle at their lowest in two months pressured by a rebound in U.S. bond yields from Monday’s weakness and a rally in the dollar to four-month highs ahead of the FOMC rate decision due today.

According to Stifel - While the Federal Reserve is widely expected to stand pat on interest rates, it is likely to reaffirm its expectations for further growth and inflation in the near term, paving the way for ongoing gradual rate hikes.

Sitfel said - “The Fed is expected to reaffirm the Committee’s generally positive view of the economy and optimistic expectations for further growth and inflation in the near-term. The statement is, additionally, likely to reiterate the Committee’s intentions to continue to raise rates throughout 2018 at a ‘gradual’ pace.”

Technical outlook

Gold daily chart has formed “Ascending broadening wedge pattern”. The last few sessions seem consolidated retesting near a key support holding at 30900 inside the channel. The market is expected to continue on a bullish momentum before testing all the way through at 31000, Alternatively, if the market breaks below the key support at 30900 then it might turn bearish. The downside rally could test 30800-30700 levels. Key resistance holds at 31000


Research Report call:

Technical Chart:
Gold 4/30/2018 8:53:00 AM

Gold prices rose on Friday but were on track for a weekly loss as lessening geopolitical tensions kept a cover on safe-haven demand.

The precious metal remained close to its intraday high tracked by dollar weakness as traders absorbed a slowdown in first quarter growth.

The Commerce Department Friday released its initial reading of first-quarter gross domestic product showing the U.S. economy extended at a 2.3% annual rate as consumer spending grew flabby.

Technical outlook

Gold daily chart has formed “Rising channel” patterns. The last few sessions seems consolidated retesting near a key support holding at 31000 inside the channel. The market is expected to continue in bullish momentum before testing all the way through 31100-31000 on support level in the upcoming sessions. Alternatively, if the market breaks below the key support at 31000 then it might turn bearish. The downside rally could test 30900-30750 levels. Key resistance holds at 31500.


Research Report call:

Technical Chart:
Gold 4/27/2018 8:37:00 AM

 

Gold prices dropped for a second straight session on Thursday to complete their lowest level in about five weeks. The precious metal failed to find support from a pullback in U.S. Treasury yields, as strength in the U.S. dollar and gains in the stock market moved dry demand for gold.

The dollar rallied to a nearly four-month high amid a fall in the euro, pressuring the yellow metal to a more than one-month low. Losses were restricted to some extent as the 10-year treasury yield moved away from more than four-year highs.

The weakness in gold prices comes a day before the U.S. is about to reveal first-quarter GDP and inflation data, which could set a new path for the yellow metal.

Economists forecast first-quarter GDP rose 2%, down from 2.9% seen in the fourth quarter, while the GDP price index is expected to show a 2.2% reading.

Technical outlook

Gold daily chart has formed “Rising channel” patterns. The last few sessions seems consolidated retesting near a key support holding at 31000 inside the channel. The market is expected to continue in bullish momentum, but before testing all the way through 31100-31000 on support level in the upcoming sessions. Alternatively, if the market breaks below the key support at 31000 then it might turn bearish. The downside rally could test 30900-30750 levels. Key resistance holds at 31500.


Research Report call:

Technical Chart:
Gold 4/26/2018 9:35:00 AM

Gold prices settled lower on Wednesday with a loss as the dollar and U.S. bond yields resumed their upward trend, curbing demand for the precious metal.

The 10-year US treasury yield edged higher after topping 3% for the first time in four years yesterday, lifting the dollar to a three-month high as traders bet for a faster pace of rate hikes in the wake of firmer inflation and solid economic growth.

Wells Fargo said Wednesday in a weekly note to clients - “With real GDP accelerating in the coming quarter and core inflation reaching 2% around the same time, we believe the Fed will hike three more times this year,”.

Technical outlook

Gold daily chart has formed “Rising channel” patterns. The last few sessions seems consolidated retesting near a key support holding at 31200 inside the channel. The market is expected to continue in bullish momentum, testing all the way through 31500-31600 levels in the upcoming sessions. Alternatively, if the market breaks below the key support then it might turn bearish. The downside rally could test 31100-31000 levels. Key resistance holds at 31600.


Research Report call:

Technical Chart:
Gold 4/25/2018 9:18:00 AM

Gold prices edged higher for the first time in four sessions after the rally in U.S. treasury yields paused, weighing on the dollar which eased from two-month highs.

The 10-year US treasury yield hit 3% for the first time since 2014 but the move higher was met with struggle, pressuring the benchmark treasury yield to retreat below 3%, dragging the greenback lower.

That supported a move higher in gold prices but sentiment on the yellow metal remained negative to a certain extent amid growing investor expectations that the Federal Reserve could hike rates three more times this year.

Technical outlook

Gold daily chart has formed “Rising wedge” patterns. The last few sessions seems consolidated retesting near a key support holding at 31250 inside the channel. The market is expected to continue in bearish momentum, once the same breaks below the key support. The downside rally could test all the way through 31200-31000 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test 31400-31650 levels. Key resistance holds at 31650.


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Technical Chart:
Gold 4/24/2018 9:08:00 AM

Gold traded low on Monday, weighed down by a strengthening U.S. dollar and a rise in U.S. Treasury yields.

The dollar rose to a seven-week high, increased by a rise in U.S bond yields. Bond yields have risen to their highest levels in four years, as inflation has added to expectations of continued rate hikes from the Federal Reserve.

The yield on the benchmark United States 10-Year Treasury note reached its highest level since January 2014 on Monday, at 2.975. The United States 2-Year note rose to 2.474, a level not seen since September 2008.

Expectations of higher interest rates tend to boost the dollar by making the currency more attractive to yield-seeking investors.

 

Technical outlook

Gold daily chart has formed “Rising wedge” patterns. The last few sessions been bearish in trend after retesting the channel’s resistance slope line. The market is expected to continue in bearish momentum, testing all the way through 31200-31000 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 31350 then it might turn bullish. Key support holds at 31000.


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Technical Chart:
Gold 4/23/2018 8:30:00 AM

Gold prices traded lower on Friday as a bounce back in the dollar put downward pressure on the precious metal.

As the geopolitical tensions diminishing into the background, a 0.6% rise in the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was enough to flash pressure on the dollar-denominated commodity that becomes more expensive for holders of foreign currency and thus reduces demand.

Gold has been trading in a stiff range was on track for weekly losses of just around 0.7%, while sustaining gains of 1.5% so far this year.

As there was no major economic data on Friday’s agenda, market participants will continue to look for trace on monetary policy from Federal Reserve members.

Technical outlook

Gold hourly chart has formed “Ascending triangle” patterns. The last session ended up consolidated near the channel’s support slope line. The market is expected to continue in bearish momentum, once the same breaks below a key support holding at 31380. The downside rally could test all the way through 31250-31100 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test 31550-31650 levels. Key resistance holds at 31650.


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Technical Chart:
Gold 4/20/2018 9:25:00 AM

Gold prices grazed back some of their losses brushing aside a move higher in the dollar and a surge in bond yields.

The U.S. bond 10Y yields rose above 2.9% as traders bet that inflation and economic growth would remain firm in the wake of stronger Philly Fed data signalling a continued expansion in input prices.

The Philadelphia Fed said Thursday its manufacturing index rose to a reading of 23.2, a three-month high, from 20.8 in April.

Investors’ stance on price increases was also boosted by the Federal Reserve’s Beige Book report released Wednesday, signifying that consumer inflation could be set on a path higher as rising input costs were expected to be passed onto consumers.

 

Technical outlook

Gold daily chart has formed “Rising channel” patterns. The last session has formed a “Hammer” candlestick pattern which could be read as a trend reversal one. The market is expected to retest a key resistance holding at 31600 and turn bearish. The downside rally could test all the way through 31500-31400 levels in the upcoming sessions. Alternatively, if the market breaks above the key resistance then it might continue in bullish momentum. The upside rally could test 31700-31800 levels. Key support holds at 31400.


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Technical Chart:
Gold 4/19/2018 9:17:00 AM

Gold prices were supported as an unresponsive dollar continued to underpin upside in the precious metal despite easing geopolitical tensions.

Gold prices continued to resist the drop in safe-haven demand which followed reports of easing U.S.-North Korea tensions.

A “good relationship” was formed between the U.S. and North Korea after CIA director Mike Pompeo travelled to Pyongyang for a secret meeting with North Korean leader Kim Jong-un, US President Donald Trump confirmed.

That raised the outlook of a positive outcome from the Trump-Kim summit – the particulars of which are yet to be finalised.

 

Technical outlook

Gold daily chart has formed “Rising channel” patterns. The last few sessions ended up in bullish trend as the prices have broken out the channel’s resistance slope line. The market is expected to continue in bullish momentum, testing all the way through 31600-31700 levels in the upcoming sessions. Alternatively, if the market breaks below the keys support holding at 31400 then it might turn bearish once again. The downside rally could test 31300-31200 levels. Key resistance holds at 31700.


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Technical Chart:
Gold 4/18/2018 9:17:00 AM

Gold prices bounced off session lows on Tuesday as the dollar recoiled from its highs despite positive economic data pointing to underlying strength in the U.S. economy.

Demand for safe-haven gold remained subdued in the wake of waning geopolitical tensions and rallying global stock markets.

Easing geopolitical jitters come as investors continued to cheer no further signs of U.S. military action in Syria, while U.S. President Donald Trump’s decision to scrap new sanctions against Russia - which were slated for Monday - also helped improve sentiment on riskier assets, denting demand for gold.

Technical outlook

Gold daily chart has formed “Rising channel” patterns. The last session ended up in bullish trend near the channel’s resistance slope line. The market is expected to continue in bullish momentum, once the same breaks above the key resistance holding at 31400. The upside rally could test all the way through 31500-31600 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test 31300-31200 levels. Key support holds at 31200.


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Technical Chart:
Gold 4/17/2018 9:21:00 AM

Gold prices resisted to benefit from dollar weakness as fears of a wider conflict in Syria in the wake of recent U.S.-led military intervention receded, denting safe-haven demand.

Gold struggled for direction as gains on the back of dollar weakness were offset by easing fears of further conflict in Syria after the U.S. and Russia avoided any direct conflict following U.S.-led airstrikes on Saturday.

The weakness in safe-haven demand comes despite U.S. President Donald Trump racketing up the pressure on the both China and Russia, asserting that they were playing the “currency devaluation game,” declaring it unacceptable in the wake of increasing U.S. interest rates.

Technical outlook

Gold daily chart has formed “Rising channel” patterns. The last session been a gap up one ended up in bullish trend. The market is expected to continue in bullish momentum, once the same breaks above the key resistance holding at 31400. The upside rally could test all the way through 31500-31600 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test 31250-31100 levels. Key support holds at 31000.


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Technical Chart:
Gold 4/16/2018 9:17:00 AM

Gold prices traded close to session highs on Friday supported by ongoing safe-haven demand as underlying geopolitical tensions and U.S.-China trade-war fears persisted.

The White House is planning to ramp up trade pressure on China by threatening to block Chinese technology investment in the United States, The Wall Street Journal reported, citing officials familiar with the matter.

That added to safe-haven demand, supporting an uptick in gold prices, as geopolitical tensions persisted after Russia accused the UK of staging the reported chemical attack in Syria.

The dollar struggled to pare losses this week despite the Federal Reserve releasing somewhat hawkish minutes of its March meeting this week.

Technical outlook

Gold daily chart has formed “Rising channel” patterns. The last few sessions seems consolidated as the prices have already broken out the channel’s resistance slope line. The market is expected to continue in bearish momentum, once the same breaks below the key support holding at 31000. The downside rally could test all the way through 30900-30800 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test 31200-31300 levels. Major resistance holds at 31500.


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Technical Chart:
Gold 4/13/2018 9:18:00 AM

Gold prices lingered above session lows as traders discarded safe-haven assets after geopolitical tensions calmed as U.S. President Donald Trump backed away from his aggressive stance on military intervention in Syria.

U.S. President Donald Trump said military action in Syria may not be imminent, backtracking from his aggressive stance on Wednesday, when he warned Russia to prepare to intercept “nice, new, and smart” missiles.

Gold prices were rolling from a hawkish Federal Reserve minutes released Wednesday showing policymakers wait confident that inflation would hit the Fed’s 2% target, lifting expectations for a June rate hike.

Technical outlook

Gold daily chart has formed “Rising channel” patterns. The last session ended up bearish in trend as the prices have already broken out the channel’s resistance slope line. The market is expected to continue in bearish momentum, once the same breaks below the key support holding at 30900. The downside rally could test all the way through 30800-30700 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test 31150-31250 levels. Key resistance holds at 31500.


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Technical Chart:
Gold 4/12/2018 9:30:00 AM

Gold prices hit more than two-week high as signs of rising U.S. inflation were surpassed by a rise in safe-haven demand amid growing U.S.-Russia tensions.

Risk-off sentiment gripped markets on Wednesday after President Donald Trump threatened Russia, in a series of tweets, hinting at military action in Syria.

Trump, told reporters earlier this week, that he was preparing a response to reports of an alleged chemical weapons attack in Syria. “We have a lot of options, militarily. And well be letting you know pretty soon," Trump said.

Technical outlook

Gold daily chart has formed “Rising channel” pattern. The last session ended up strongly bullish in trend as the prices have broken out the channel’s resistance slope line. The market is expected to continue in bullish momentum, once the same breaks above the key resistance holding at 31400. The upside rally could test all the way through 31550-31700 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test 31200-31100 levels. Previous resistance become support at 31100.


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Technical Chart:
Gold 4/11/2018 9:06:00 AM

Gold prices traded close to session highs Tuesday as dollar weakness and geopolitical tensions balanced easing trade-war worries as investors awaited US president Trump’s decision on Syria.

Trump said during a meeting with military leaders that he was preparing a response to reports of an alleged chemical weapons attack in Syria. “We have a lot of options, militarily. And well be letting you know pretty soon," Trump told reports on Monday.

The outlook of a U.S. military response in Syria steadied demand for safe-haven gold amid easing trade-war fears after China’s president Xi Jinping adopted a reconciliatory tone on tariffs overnight Tuesday.

Technical outlook

Gold daily chart has formed “Rising wedge” pattern. The last few sessions ended up bullish in trend after retesting the channel’s support slope line. The market is expected to continue in bearish momentum by retesting a key resistance holding at 30950. The downside rally could test all the way through 30850-30700 levels in the upcoming sessions. Alternatively, if the market breaks above the key resistance then it might continue in bullish momentum. The upside rally could test 31000-31050 levels. Key support holds at 30700.


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Technical Chart:
Gold 4/10/2018 9:21:00 AM

Gold prices traded higher on Monday brushing aside the return of demand for riskier assets as the outlook of a U.S.-China trade war eased.

U.S. officials downplayed the outlook of a trade war with China, appearing hopeful that the current trade dispute between the world’s largest two economies would be resolved through negotiations and not result in a trade war.

U.S. President Donald Trump vowed to make a decision on how to proceed in Syria within the coming days amid an alleged chemical-weapons attack in Syria.

Technical outlook

Gold daily chart has formed “Rising wedge” pattern. The last few sessions ended up bullish in trend after retesting the channel’s support slope line. The market is expected to continue in bullish momentum, once the same breaks above a key resistance holding at 30800. The upside rally could test all the way through 30900-30950 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test 30700-30600 levels. Key support holds at 30600.


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Technical Chart:
Gold 4/9/2018 9:15:00 AM

Gold prices traded higher on Friday amid renewed safe-haven demand despite Treasury Secretary Steven Mnuchin’s effort to calm trade-war worries after U.S. President Donald Trump threatened to impose additional tariffs on Chinese imports.

Mnuchin told CNBC Friday that while there is possibility of trade war with China, he remained “cautiously optimistic” that the two nations would agree on a compromise.

"Our objective is still not to be in a trade war with [China]," Mnuchin said on CNBCs "Power Lunch" Friday. "Im cautiously optimistic that we will be able to work this out ... There is the potential of a trade war."

Technical outlook

Gold daily chart has formed “Rising channel” pattern. The last session ended up consolidated after retesting the channel’s support slope line. The market is expected to continue in bearish momentum, once the same breaks below a key support holding at 30500. The downside rally could test all the way through 30400-30300 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test 30650-30800 levels. Key resistance holds at 30900.


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Technical Chart:
Gold 4/6/2018 9:15:00 AM

Gold prices dropped on Thursday as demand for safe-havens pushed after U.S. officials talked up the chances of negotiating a trade deal with China, while dollar strength added to downside momentum.

Gold prices hovered above two-week lows after Larry Kudlow, director of the White House National Economic Council, suggested the US was willing to strike a deal with Beijing.

“Our intention is not to punish anybody. Our intention is to open markets and investments and lower barriers — that’s the deal, Kudlow said”

Kudlow comments were in sharp contrast to that of White House trade adviser, Peter Navarro, who said Wednesday “The expectation is that at the end of 60 days there will be tariffs imposed.”

Also lowering sentiment on gold prices was a rebound in bond yields, supporting an uptick in the dollar, as traders looked ahead to both nonfarm payrolls and a speech by Federal Reserve chair Jerome Powell due Friday.

Ahead of Fed chair Powell’s appearance, former Fed chair Janet Yellen echoed the Fed’s ongoing monetary policy narrative of “gradual” rate hikes and said low rates will continue as inflation remained in check.

Technical outlook

Gold daily chart has formed “Descending triangle” pattern. The last session ended up consolidated inside the channel. The market is expected to continue in bearish momentum, once the same breaks below a key support holding at $1330(30450). The downside rally could test all the way through $1325-1320(30325-30200) levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test $1335-1340(30575-30700) levels. Key resistance holds at $1340(30700).


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Technical Chart:
Gold 4/5/2018 9:24:00 AM

Gold prices rose on Wednesday as China said it would impose tariffs of up to 25% on 106 American products such as soybeans, elevating tensions in a simmering trade clash between the U.S. and Beijing.

Gold prices eased from sessions highs as the dollar pared some of its losses after trade war fears receded slightly.

Mizuho said Wednesday the US Treasury Department’s decision to extend the initial 30-day consultation period to 60 days was a sign that the “U.S. side has already left room for negotiation.”

Technical outlook

Gold 4hr chart has formed “Symmetrical triangle” pattern. The last session ended up bearish in trend after retesting the channel’s resistance slope line. The market is expected to continue in bearish momentum, once the same breaks below a key support holding at $1332(30735). The downside rally could test all the way through $1328-1324(30635-30535) levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test $1338-1344(30885-31035) levels. Key resistance holds at $1344(31035).


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Technical Chart:
Gold 4/4/2018 9:37:00 AM

Gold futures ended firmly lower on Tuesday as the dollar advanced. Gold prices retreated as dollar strength and renewed investor appetite for riskier assets lowered demand for safe-haven gold.

Risk appetite returned as US stocks bounced back from sharp declines a day earlier, while dollar strength also pressured gold prices to session lows.

Gold prices had rallied sharply a day earlier Monday following as investors piled into safe-haven assets amid worries over escalating U.S.-China trade tensions after Beijing imposed tariffs on US food imports, retaliating against the U.S. tariffs on steel and aluminium imports.

Technical outlook

Gold 4hr chart has formed “Symmetrical triangle” pattern. The last session ended up consolidated near a key support holding at $1333(30665). The market is expected to continue in bullish momentum, testing all the way through $1342-1348(30890-31040) levels in the upcoming sessions. Alternatively, if the market breaks below the key support then it might turn bearish once again. The downside rally could test $1328-1325(30540-30465) levels. Resistance holds at $1348(31040).


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Technical Chart:
Gold 4/3/2018 9:16:00 AM

Gold prices rose on Monday as rising U.S.-China trade war tensions added demand for safe-haven gold.

Renewed safe-haven demand comes amid investor worries over rising US-China trade tensions after Beijing unveiled retaliatory tariffs on Monday overnight.

China imposed tariffs starting Monday on US food imports including pork, fruit, nuts and wine of up to 25% as a response to the Trump administration’s new tariffs on steel and aluminium imports.

Investor worries over a tit-for-tat trade could deepen this week as the Trump administration will impose tariffs on $50 billion to $60 billion worth of annual imports on products benefiting from Beijings "Made in China 2025" industrial development program said reports.

Technical outlook

Gold daily chart has formed “Descending triangle” pattern. The last session been strongly bullish in trend after retesting a key support at $1325(30530). The market is expected to continue in bullish momentum, once the same breaks above a key resistance holding at $1350(31155). The upside rally could test all the way through $1355-1360(31280-31405) levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test $1340-1330(30905-30655) levels.


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Technical Chart:
Gold 4/2/2018 9:04:00 AM

Gold moved violently for direction on Thursday, as it struggled to rise from a blunt dollar.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.07% to 89.82.

The dollar was little moved by an economic data showing U.S. consumer spending rose only modestly in February and another report showing that jobless claims fell to a 45-year low last week.

The Commerce Department reported that consumer spending rose 0.2% last month, lagging behind income growth, which rose 0.4% last month.

The Federal Reserve’s preferred measure of inflation climbed 1.8% year-over-year, the most in nearly a year.

Technical outlook

Gold daily chart has formed “Rising wedge” pattern. The last few sessions been bearish in trend after retesting the channel’s resistance slope line. The market is expected to continue in bearish momentum, once the same breaks below a key support holding at 30300. The downside rally could test all the way through 30200-30100 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test 30400-30500 levels. Key resistance holds at 30600.


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Technical Chart:
Gold 3/29/2018 4:51:00 PM

Gold prices trade at one-week lows on Thursday, after sharp falls in the previous session on a rally in the dollar after data showing faster U.S. economic growth and hopes for a political burst through with North Korea.

The dollar improved after data on Wednesday showing that the U.S. economy grew by a larger than initially estimated 2.9% in the fourth quarter.

The data left the way for a little forceful pace of interest rates hikes by the Federal Reserve this year. The Fed hiked rates for the first time this year last week and stuck to its projection for three rate hikes this year.

Technical outlook

Gold daily chart has formed “Descending triangle” pattern. The last few sessions been bearish in trend after retesting the channel’s resistance slope line. The market is expected to continue in bearish momentum, once the same breaks below a key support holding at $1320(30420). The downside rally could test all the way through $1315-1305(30295-30045) levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test $1330-1340(30670-30920) levels. Key resistance holds at $1340(30920).


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Technical Chart:
Gold 3/28/2018 9:08:00 AM

Gold prices were on trail to crack a three-day winning line as the dollar strengthen after worries of a global trade war restrained amid ongoing China-U.S. discussion on trade.

"The two economies are highly complementary to each other and their cooperation has been continuously expanding," said Chinese Premier Li Keqiang.

Li added that while China is working toward a solution through “dialogue and consultation,” the country is “fully prepared with counter measures.”

Investor sentiment on gold prices remained bullish as the precious metal is expected to go forward regardless of the conditions of a rising interest-rate environment.

Technical outlook

Gold daily chart has formed “Rising channel” pattern. The last session ended up bearish in trend after retesting the channel’s resistance slope line. The market is expected to continue in bearish momentum, once the same breaks below a key support holding at 30650. The downside rally could test all the way through 30550-30400 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test 30750-30900 levels. Key resistance holds at 30900.


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Technical Chart: