Gold prices fell in Asia on Monday in thin trade as investors await key jobs data due out in the United States this week to gain a better handle on prospects for the Federal Reserve to start tapering its stimulus program.
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:
GOLD (DEC)
Trend: Consolidate | Strategy: Buy on dips
R1- 30450, R2- 30880| S1-29860, S2- 29530
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:
GOLD (DEC)
Trend: Consolidate | Strategy: Buy on dips
R1- 30450, R2- 30880| S1-29860, S2- 29530
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In today’s trade markets witnessed a gap up opening after Mood’s raised India’s credit rating from Baa3 to Baa2.
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Gold prices rise on bargain hunting, dollar pullback.
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