Gold Forecast For Today: Gold prices edged lower on Friday with spot gold prices at COMEX were trading marginal down near $1756 per ounce in the morning trade. MCX Gold October futures traded steady near Rs. 51642 per 10 gram.
Gold prices declined awaiting comments from Jackson Hole symposium. Gold prices are still set for weekly gain as the dollar index is off the 20 year highs. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1740 and resistance at $1785 per ounce. MCX Gold October support lies at Rs. 50900 and resistance at Rs. 51852 per 10 gram.
COMEX gold trades marginally lower near $1770/oz after three days of positive close. Gold is range bound as market players position for Fed Chairman’s comments at the annual Jackson Hole Summit. The mixed trade in US dollar, bonds and equities in the last few days shows that market players are unsure about the Fed Chairman’s stance as inflationary concerns are countered by growth worries. Gold has inched up after taking support near $1747/oz however a sharp upside is unlikely as Fed is likely to maintain support for continuing rate hikes with inflation still out of control.
Gold rose as the dollar slipped from recent highs, while investors awaited the Jackson Hole symposium for cues on the Federal Reserve’s monetary policy. Focus will be on U.S. Federal Reserve Chair Jerome Powell’s speech at the central banks’ conference in Wyoming for hints on the Fed’s interest rate hike strategy. Fed funds futs have been divided between 50 (43.5%) and 75 bps (56.5%) rate hike at the Sep meeting. This could all get repriced after Governor Powell’s speech at Jackson Hole today.
Investors also took stock of data showing the U.S. economy contracted at a moderate pace than initially thought in the second quarter. Today apart from the Jackson hole symposium, focus will be on Core PCE data from the U.S. which could give an initial direction to the metal prices. Broader trend on COMEX could be in the range of $1720-$1785.
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