For intra-day, support for the commodity is seen at 26950 while resistance is seen at 27050. If commodity breaks 26950 level then it may move towards 26800 level. MCX Gold futures for August delivery was seen trading slightly up by 0.23% at Rs. 27004 per kilogram as of 11.41 PM on Saturday. Next week, gold investors in the international market are expected to closely watch treasury bond yields, physical demand and key US data releases as gold prices recorded a steep fall in the last week. Analysts expect a sideways trend in gold.
MUMBAI (Commodity Online): The trend in gold futures for August delivery on India’s Multi Commodity Exchange (MCX) looks sideways to bearish for the day and traders are advised to sell on rise.
“For intra-day, support for the commodity is seen at 26950 while resistance is seen at 27050. If commodity breaks 26950 level then it may move towards 26800 level” said Amrita Mashar, Research Analyst at Commodity Online.
MCX Gold futures for August delivery was seen trading slightly up by 0.23% at Rs. 27004 per kilogram as of 11.41 PM on Saturday.
Gold futures for August delivery on Globex platform of Comex closed up by 0.89% to $ 1297.70 per troy ounce on Friday.
Next week, gold investors in the international market are expected to closely watch treasury bond yields, physical demand and key US data releases as gold prices recorded a steep fall in the last week. Analysts expect a sideways trend in gold. For more detail about gold commodity trading tips just visit here: http://maxcommodity.com/gold-updates/
The yellow metal prices recorded a steep fall after US Federal Reserve Chairman Ben Bernanke stated that the Central Bank may end its monetary stimulus partially this year and potentially withdrew it by the middle of next year on the assumption that US economy is improving.
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Gold fell more than 6% last week. However a slight recovery was seen on Friday on fresh physical buying from China and speculation that current fall in the prices may result in rise in physical demand.
Gold futures for August delivery on Globex platform of Comex closed up by 0.73% at $1295.55 per troy ounce on Friday.
Investors would closely watch key US data releases which are scheduled for the next week. Data on Durable Goods, Consumer Confidence and New Home Sales are scheduled to be released on Tuesday. A data on Gross Domestic Product is expected on Wednesday.
Then weekly Jobless Claims, Personal Income and Spending are scheduled for Thursday. Next Friday is expected to bring the Chicago Purchasing Managers Index and University of Michigan/Thomson Reuters consumer-sentiment index.
Source: www.commodityonline.com
At 12:24 hours IST, MCX GOLD August contract was trading at Rs 25666 per 10 gram, down Rs 3, or 0.01 percent. The GOLD rate touched an intraday high of Rs 25789 and an intraday low of Rs 25610. So far 7884 contracts have been traded. GOLD prices have moved down Rs 6561, or 20.36 percent in the August series so far.
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