MUMBAI (Commoditiescontrol) - Last week spot gold settled around $1286 per oz.
Only a close above $1295-1300 will confirm further bullishness. Otherwise may stay in the region of $1265 and $1300 per oz.
In case drops below $1265 (weekly closing) to signal weakness towards $1250-1240 going forward.
Gold gained as US hikes tariffs on Chinese goods worth $200 billion for which china vow to take retaliatory measures soon.
Gold was also supported by a weaker dollar which fell due to lower than anticipated US consumer price index.
MCX Gold---June-2019
Last week settled around INR 31900 per 10 grams on Friday. Strong resistance is seen in the region of INR 32000 and 32200 and a close above those levels on two- day closing basis will signal further momentum on the higher side, otherwise could retest 31500-31300-31150 levels going forward.
(By Commoditiescontrol Bureau)
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