U.S. gold futures ended higher yesterday as a weakening U.S. dollar prompted more investors to pile into bullion as a hedge against dollar-denominated portfolios.
Gold buying increased as the dollar extended Monday's losses to hit 2009 lows against the euro and a basket of major currencies.
Better-than-expected U.S. pending home sales data increased investor appetite in riskier assets, and that further weighed on the dollar.
According to the report ,the National Association of Realtors ,its index of pending home sales increased from 84.6 to 90.3 in April, the biggest monthly gain in over seven years and much stronger than expected.
Strong investment flow into gold also boosted prices. Bullion holdings in SPDR Gold Trust the world's biggest gold-backed exchange-traded fund climbed 15.27 tonnes to a record 1,134.03 tonnes as of June 1.
Weekly Outlook (DG. Aug.) Resistances are $ 982, $989, $998, $1005. Supports are $970, $ 961, $ 958
Last day DGCX Gold Aug Traded in the range $987.50-$970and closed at $ 982.10
TECHNICAL OUTLOOK (Intra-day)
GOLD (Aug) - Bullish above $ 982 bearish below $976 Courtesy: JRG Wealth Management
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