MCX Gold Buy on Dips: Since the beginning of this month, gold has continued to be in an upward trend. Especially post the mixed FOMC minutes, gold held high. The minutes didn’t hint at any timeline for scaling-back the asset purchases by the Federal Reserve so that has been a positive factor for gold. Also, the focus on the rising delta virus cases, the worries over lockdown kept the gold prices steady.
Spot Gold Forecast: Gold Current Trend – Gold price are consolidating near $1903 in the morning session after a moderate increase the day before, which was supported by the weakness of USD. The US currency remains under significant pressure after last Friday’s US labor market report for May reflected slower-than-expected growth in Nonfarm Payrolls.
Gold Forecast: Gold (Yellow Metal)Under Selling Zone – On the daily chart, the third wave of the higher level (3) formed, a downward correction developed as the fourth wave (4), and the formation of the fifth wave (5) started.
XAU/USD Forecast And Current trend: : Gold prices are showing ambiguous dynamics during the Asian session, consolidating at 1900.00.
Gold Uptrend scenario
Gold Forecast : An uptrend will start as soon, as the market rises above resistance level $1759, which will be followed by moving up to resistance level $1815.
Gold Forecast : Uptrend scenario – An uptrend will start as soon, as the market rises above resistance level 1880, which will be followed by moving up to resistance level 1951.
Gold Uptrend Forecast :
Gold weekly forecast uptrend may be expected to continue, while market is trading above support level $1827, which will be followed by reaching resistance level $1875 and if it keeps on moving up above that level, we may expect the market to reach resistance level $1905.
Gold Trading Strategy : “We expect spot gold prices to trade firm for the day with support at $1,925 per ounce and resistance at $1,975 per ounce in the international market.
Gold Weekly Outlook (January 4 – 8, 2020) Gold Uptrend scenario : The uptrend may be expected to continue in case the market rises above resistance level 1906, which will be followed by reaching resistance …