More Scrap Gold Coming To The Market

The physical buying reported have seen in gold has stopped and there is more scrap metal coming to the market. As expected, this to provide resistance to gold. But despite current resistance, the downside well protected and dips should still be bought. Combined with markets waiting for direction from the ECB later today (US Time) and US non-farm payrolls tomorrow, risk appetite should remain subdued. Gold support is at USD1,080 and USD1,072, while resistance is at USD1,100 and USD1,110.

Back home Malaysia gold price may likely to drop back a bit with this resistance with support line at RM117 per g.

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