Gold: Gold
steadied after falling to a one-week low on Monday as downward momentum from
stronger-than-expected U.S. jobs figures late last week lost steam, with
concerns over negative global economic sentiment lending support. The payrolls
data on Friday reignited speculation that the Federal Reserve could press ahead
with interest rate hikes later this year. Gold is highly sensitive to rising
rates, which lift the opportunity cost of holding non-yielding assets such as
bullion, while boosting the dollar, in which it is priced. Speculators added
net longs in COMEX gold futures for the first time in a month in the week to
Aug. 2, though they remained below last month's highest level in more than two
years, while they cut it in silver for the first time in two months.
Outlook: We expect gold prices to trade negative
on the back of US non-farm payroll data released on Friday.
R2
|
R1
|
S1
|
S2
|
TREND
|
||
GOLD
|
31400
|
31250
|
31000
|
30900
|
SIDEWAYS
|
No comments:
Post a Comment