23 August 2016

TECHNICAL ANALYSIS OF GOLD FOR 23-24 AUG 2016

Gold:  Gold hit a two-week low on Monday as upbeat comments from Federal Reserve officials on the U.S. economy boosted expectations that the central bank could lift interest rates sooner rather than later. Gold on MCX settled down -0.08% at 31379 as Comex Gold hit a two-week low was down 0.3 percent at $1,336.99 an ounce as upbeat comments from Federal Reserve officials on the U.S. economy boosted expectations that the central bank could lift interest rates sooner rather than later. Gold is highly sensitive to rising U.S. interest rates, which boost the opportunity cost of holding non-yielding gold, while lifting the dollar, in which it is priced. In the week ahead, market players will turn their attention to a highly anticipated speech by Fed Chair Janet Yellen at the annual meeting of top central bankers and economists in Jackson Hole, Wyoming, for fresh clues on the timing of the next U.S. rate hike. Technically market is getting support at 31257 and below same could see a test of 31135 level, And resistance is now likely to be seen at 31448, a move above could see prices testing 31517.
Outlook: We expect gold prices to trade negative .
           
R2
R1
S1
S2
TREND
GOLD
31500
31380
31200
31000
SIDEWAYS