12 August 2016

WEEKLY MARKET OUTLOOK OF GOLD FOR 12-19 AUG 2016

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Gold:  We expect gold prices to trade higher as comments from Fed policy maker Jerome Powell said that the economy is at the increasing risk of slowing down and the rate hike will be delayed than the market expectations. BoE has cut interest rates besides buying 60 billion pounds of government debt. The winding back of expectations for U.S. interest rate
hikes, volatility in equities, the possibility of Donald Trump winning the U.S. presidency and general fears around the global outlook have all contributed to gold's solid performance and constructive outlook. We expect gold prices to trade higher today.
Weekly Outlook:
           
R2
R1
S1
S2
TREND
GOLD
31500
31300
31000
30900
SIDEWAYS

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