R2
|
R1
|
S1
|
S2
|
TREND
|
||
GOLD
|
32100
|
32000
|
31700
|
31600
|
SIDEWAYS
|
Gold: Gold Gold held steady on Tuesday as
the dollar hovered near a three-week low after expectations of a near-term U.S.
interest rate hike lost steam following last week's disappointing U.S. growth
figures. U.S. consumer spending rose more than expected in June, but the
Commerce Department report showed inflation still muted. This, together with
weak business investment and the second quarter's anemic economic growth pace,
could encourage a cautious Federal Reserve to keep interest rates at current
low levels for a while. A raft of global risks that could adversely affect the
United States remains on the horizon and requires close monitoring, Dallas
Federal Reserve Bank President Robert Kaplan said on Tuesday. Atlanta Federal
Reserve Bank President Dennis Lockhart said on Tuesday it was too soon to rule
out an interest rate increase at the U.S. central bank's next meeting in
September, with a lot of data set to come in on the health of the economy.
Outlook: We expect gold prices to trade positive on the
back of weak economic data from the US.
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