Gold held and traded near to $1,100 a troy ounce on Thursday after hitting a record high in the previous session, and now market consolidated ahead of today’s significant US employment data.
After India now Sri Lanka bought a small volume of bullion to diversify its reserves.
Technically gold after retesting the initial resistance of 1094$, the metal is forming a right shoulder of the a head and shoulders top pattern on the chart and support for the gold MCX is seen at 16475 and below could see a test of 16381. Resistance is now likely to be seen at 16632, a move above could see prices testing 16708.
Trading Ideas: GOLD TRADING RANGE IS 16300-16850.
SRI LANKA BOUGHT A SMALL VOLUME OF BULLION TO DIVERSIFY ITS RESERVES
BUY GOLD DEC AT 16500-16535 SL 16462 TGT 16570-16602-16640.
SPDR GOLD TRUST HOLDINGS ROSE 4.88 TONNES AND SETTLED AT 1108.40TONNES
TODAY SOME SUPPORT CAN BE SEEN BEFORE THE EVENING DATA A JUMP TILL 1096$ CAN BE SEEN
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