Gold futures tumbled below $930 an ounce yesterday as a stronger dollar prompted broad-based selling across the commodities sector, and better macroeconomic sentiment could further decrease safe-haven buying in the metal.
U.S. crude oil futures ended more than 2 percent lower yesterday, as a report by a private business research group that consumer confidence fell unexpectedly in June sparked renewed worries about oil demand.
The Standard & Poor's/Case Shiller index of home prices in twenty cities was down 0.6% in April and down 18.1% from a year ago - not as big of a drop as expected. And The Chicago Purchasing Managers index increased from 34.9 to 39.9 in June, stronger than expected.
The Conference Board's consumer confidence index fell from 54.8 to 49.3 in June, weaker than expected. At the same time, Bullion ended the second quarter less than $10 above its first-quarter close, as signs of global economic stability offset demand for gold as a hedge against long-term inflation.
Weekly Outlook (DG. Aug.)
Supports are $917, 906 and 895 Resistances are 952, 964 and 972
Last day DGCX Gold Aug Traded in the range $945.30-$923 and closed at $ 928
TECHNICAL OUTLOOK (Intra-day)
GOLD (Aug) - Bullish above $ 932 bearish below $926
Courtesy: JRG Wealth Management
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