11 August 2016

MARKET OUTLOOK OF GOLD FOR 11-12 AUG 2016

Gold:  Gold rose after a report that U.S. worker productivity fell for a third straight quarter in the spring of this year, shrugging off earlier losses on Friday's jobs report and pressuring the dollar index. The unexpected drop in U.S. productivity may confirm the Federal Reserve's fears that the economy could slip into a period of slow growth, reducing the central bank's willingness to raise interest rates. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange traded fund, fell for a second straight day on Tuesday.
Outlook: We expect gold prices to trade negative on the back of profit booking after sharp up-move in prices.
           
R2
R1
S1
S2
TREND
GOLD
31650
31500
31250
31150
SIDEWAYS

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