Gold Seen Under Pressure, Support At 27680
CommodityOnline | Jul 24, 2014 04:01AM ET
Gold prices also slipped as investors extended the profit-taking that emerged at the end of last week after six straight weeks of gains.
Gold seen under pressure tracking strong global equity markets as investor opted for riskier assets, amid escalating tensions in Gaza.
Some upbeat economic data from the U.S. showed existing home sales rising even as inflation increased, with speculations the Fed rate hike may come anytime soon.
Prices seen under pressure as speculation that the Federal Reserve will raise U.S. interest rates sooner than expected outweighed concerns that tensions between Ukraine and Russia will escalate.
Concerns that even more sanctions may be slapped on Russia in wake of the incident softened the dollar and bolstered gold by fueling fears the fallout will weigh on global recovery.
Gold prices also slipped as investors extended the profit-taking that emerged at the end of last week after six straight weeks of gains.
Outlook: Gold look to trade with weakness ahead of key data from US, also a break below $1300 can once again trigger selling to the tune till $1285 while on MCX technically market is getting support at 27680 and below same could see a test of 27300 level, and resistance is now likely to be seen at 28200, a move above could see prices testing 28740.
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