Gold remained unbiased, US data in limelight

FREE GOLD TIPS!!!

Gold price trend has been higher for last 8 trading sessions. As seen in the last trade, gold prices ended with positive tone at 18109, still Gold was unable to break previous highs. Gold Prices keep trade under pressure, although this session seen some recovery in gold due to commencement of US unemployment data.

At MCX counter, Gold October contract opened at 18081, down by 69 rupees or 0.37 percent per kg. Gold remained in narrow range of 18040-18080 in morning trades. 14 days RSI is reading at 45. On 6th Aug ,At 4:30 PM, Gold price is trading at 18072 with open interest of 15852 and total volume of 12769 lots.

Immediate resistance for Gold is seen at 18080 and above 18128 with corresponding support looks at 18028 and below that, it can touch 18975. Prices are trading around short term EMA. Gold is taking resistance at short term trend line.

Investors remained cautious ahead to US non-farm payrolls data due on evening of 6th aug. Traders are keeping eye on US data before taking fresh position. In account of weak US payrolls number, gold price might ease post the announcement of the data . Traders and investors are advised to trade with cautious.

Gold started the week on a careful note in beginning of this week, prices stayed on up pick. But Gold was unable to break strong resistance at 18157, which may create problem to continuous up side rally. In case of weak US pay rolls data released it may become beneficiary for Gold price to trade in positive mode for next week.