© Reuters.
Investing.com – For the second week in a row, activity was weak, as a cautious mood prevailed in the market on expectations that it will resort to further interest rate hikes to bring US inflation down to 2% annually from 3% currently.
The most active December contracts were executed on the Comex Stock Exchange in New York with final trading of $1,943.30 an ounce after Friday’s session officially settled at $1,939.990 – a decrease of $7.20, or 0.4%.
Spot gold, which tracks physical dealings of bullion in real time and is watched more closely than futures contracts by some gold traders, settled at $1,914.60, down $2.12, or 0.1%.
Gold: Technical Outlook for Bullion
Dixit of SKCharting said that a break below $1,908 would force spot gold to retest the support at $1,900, below which stands the immediate support at $1,885.
“For now, the main support for spot gold is expected to be to the downside at $1,850,” he said.
On the other hand, Dixit said, breaching the $1,930 barrier would extend gold’s bullish move towards the next stop higher, which is the bearish Weekly Middle Bollinger Band at $1,950.
“This area could act as a turning point for spot gold,” he added.
2023-08-27 19:27:00
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