7 May 2016

Weekly Commodity Report 09 May 2016 to 14 May 2016

Weekly Support & Resistance for GOLD

Resistance: 30760-31200

Pivot: 29900

Support: 29500-29300 

GOLD traded higher due to weak dollar and also buying from SPDR GOLD fund. Technically for next week if gold traded above 30100 can rise to 30500-30700.while if trades below 29800 can fall to 29500-29300. An upbeat employment report would help support the case for the Federal Reserve to steadily tighten monetary policy this year, while a disappointing outcome will push back expectations for higher interest rates. Which result some softness in precious metal.

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