Commodity Weekly Report by Choice Broking
Comex Gold has taken a pullback on Friday due to profit-booking after making high at $2477 and managed too settle at $2442. MCX Gold October contract has been corrected sharply from the peak of 70965 on Friday's evening session, still closed the week on a positive note at 69789. having surged by +2.35%.
Escalating Middle Eastern hostilities, including the assassination of Hamas leaders, have increased demand for gold as a safe haven. The death of Hamas' leadership leader in Tehran, as well as threats of retaliation from Iran and its proxies, boosted gold's appeal as a geopolitical risk hedge.
On the weekly chart, Gold price has formed Inside Bar formation which signify potential positive reversal in Gold price from dips. On Daily chart, price has moved Broadening Wedge formation Key support level would be at 6837067811. On the other hand, immediate resistance would be at 70965. The Dollar Index (DXY) has declined almost 1% past week and closed on a negative note at 102.79 10-Year Bond yields has plunged by 40 basis points and closed at 3.79%. These collectively suggest positive biasness in Precious metals.
The overall trend in Gold price is expected to be Moderately Bullish in the coming week, and traders should keep an eye on key US economic data such as Final Services PMI. ISM Services PMI and Unemployment claims, which are scheduled to be released next week.
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