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FxWirePro: Gold Weekly Outlook

Gold is highly volatile in the previous week and is trading in a narrow range between $15255 and $1480. The slight easing of the US-China trade war and spurt in bond yield is putting pressure on the yellow metal. But it surged more than $20 on geopolitical tension in the Middle East after a drone attack on Saudi oil production. It hits a high of $1512 and is currently trading around $1506.

 

Markets eye US Fed monetary policy for further direction and the chance of 25 bps rate cut has declined from 94.6% 1- a week ago to 84.2%.

 

On the flip side, major support is around $1475-80 and any violation below will drag the yellow metal till $1460/$1444.

 

The near term major resistance is around $1525 and any convincing break above will take the yellow metal till $1540/$1555.

 

It is good to sell on rallies around $1528-30 with SL around $1541 for the TP of $1555.  

 

 

By Rangarajan Hariharan
  • Market Data
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