Weekly Outlook on Gold By Mr. Anuj Gupta, HDFC securities
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Below the view on Weekly Gold By Mr. Anuj Gupta, Vice President, HDFC securities
The gold price will continue to trade in a broader range of $1905 to $1935. From a technical perspective, Comex gold has strong support at $1915. Until the price holds above this level, a recovery in gold's price is likely to see it move towards the $1929 level. A fall below $1915 will open the door towards the $1905 level. The MCX Gold October future is expected to trade in a range of 58700 to 59300. In local market gold price trend can be diverge from international market due to Rupee volatility.
Below $1905 next suppprt at $1880 and above $1935 next Resistance at $1960 leveks.
Next event fomc meeting will be in the focus and trader will keep eyes on Dollar Index and bond yield. Dollar index Support at 103 and resistance at 106 levels.
Festival demand may be see on the lower levels in domestic market.
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