24 Sept Tuesday View
Gold's fall on Friday after its Wednesday rally was supported by 31659 (USD 1313.01) and has been trading in a range just above 31948 (USD 1325.00) which is expected to provide support for now. After that the levels 31700 (USD 1315.00) and 31325 (USD 1300.00) will come into play. Uncertainty over time and move on Fed's stimulus program has led to choppy trading.
"In terms of data that's coming out of the U.S. , again we are going to see positive economic data being bearish for gold and vice versa. With the mixed picture we've seen emerging in the last few weeks, gold could get some temporary support, but once tapering starts, it will see another leg down from here." Mistsubishi Analyst Jonathan Butler said.
Trade Happy, Trade Safe :)
"In terms of data that's coming out of the U.S. , again we are going to see positive economic data being bearish for gold and vice versa. With the mixed picture we've seen emerging in the last few weeks, gold could get some temporary support, but once tapering starts, it will see another leg down from here." Mistsubishi Analyst Jonathan Butler said.
Trade Happy, Trade Safe :)
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