There is strong resistance at $1,540. A break above this level could see gold test $1,548.


Gold is benefiting from a weaker dollar. Although there seems to be sporadic scrap-selling of gold, physical market buying interest has been strong so far this week, and we expect this trend to remain in place. We expect buying interest on approach of $1,530 and $1,526 to provide support.

There is strong resistance at $1,540. A break above this level could see gold test $1,548.

Comments

Popular posts from this blog

Gold edges up on weaker dollar, dovish U.S. Fed policy bets

India, not Trump, is the real reason behind the crash in gold prices

For the gold price, two outcomes are possible.