Spot Gold Trend Sideways: Bullion prices shed weekly gains on Friday after the US reported stronger than expected private payroll numbers. The improved job market report has raised market expectations of aggressive rate hikes and eased worries over recession. The US Nonfarm payrolls rose 528,000 last month, more than double economists’ estimates.
The dollar index rose following the data release adding pressure on the precious metals. The dollar index rose by 0.68% to 106.62 for the week while 10 year US treasury yields fell to 2.82%. The US-China tensions over Taiwan and inflation worries may support bullion prices to limit downside this week. Bullion prices may continue to trade with firm trading for the short term on current market uncertainty.
We expect gold prices to trade sideways to up this week with COMEX spot gold resistance at $1810 per ounce and support at $1740 per ounce. At MCX, Gold October prices have near term resistance at Rs. 52,752 per 10 grams and support at Rs. 50,500 per 10 gram. COMEX Spot silver has near term resistance at $20.90 per ounce with support at $19.20 per ounce. MCX Silver September has important resistance at Rs. 60,500 per KG and support at Rs. 55500 per KG.
एमसीएक्स गोल्ड में 10 अगस्त को इन्फ्लेशन का डाटा आना है और इससे पहले गोल्ड जो भी नीचे आएगा वहां बाय करना है 10 अगस्त के बाद गोल्ड में तेजी बनी रहेगी और वह तेजी 15 सितंबर तक रहेगी इसलिए गोल्ड को खरीद कर चले