Views on Gold by Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd.
Below the Views on Gold by Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd.
"Gold dips more than 2% on long-liquidation/ profit-booking amid easing geo-political tensions and recovery in the greenback against major currencies. However, focus remains details of the U.S.-China trade negotiation later in the day, while for the week focus will be in the U.S. data on inflation/ retail sales/ consumer sentiments and the Fed Chairman's speech - for more clues on the U.S. Fed's policy path.
Charts are pointing towards consolidation in prices with supports at 93350/ 92000, while on the upside resistance holds at 95850/ 97000.
In the overseas market, prices hold similar support around $3190 per ounce, while on the upside resistance holds at $3400/ $3505."
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