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Gold Outlook by CapitalVia Global Research
Gold gained on Tuesday, whereas modestly lower than expected US Consumer confidence data, fall in equity markets and modest cut in the Greenback most likely supported the positive move in Bullion.
But still remained vulnerable as the U.S. dollar was trading near nine-year highs against a basket of other major currencies.
Assets in the SPDR Gold Trust dropped 0.2 percent on Wednesday to 710.81 metric tons, the lowest since Sept. 2008.
In upcoming days, we can expect COMEX Gold February Futures prices to trade on negative note due to strong volatility in Currency.
In upcoming days, we can expect COMEX Gold February Futures prices to trade on negative note due to strong volatility in Currency.
Technically If COMEX Gold breaks the level of $1180 then it can test the level of $1155 and $1130 on the downside. If MCX Gold Feb futures breaks the levels of 26660 on downside then movement can be seen till the levels of 26400 and 26080.
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