The metal has lost over a quarter of its value this year due to record outflows from gold-backed exchange-traded funds as investors shifted money to rallying equities.
Markets seem to have already priced in a possible stimulus tapering from this month due to strong economic data, with gold prices trading below $1,300 an ounce for over three weeks.
Today’s Gold Trend:
Trend: Consolidate | Strategy: Buy on dips
R1- 30450, R2- 30880| S1-29860, S2- 29530