After spending many days in a broad range Gold was able to close above 1245. Now next important level to watch are 1266. Any close above 1266 will indicate big strength.Follow the Gann levels given below and create your own trading plan.
This week precious metals traders will be focusing their attention on Thursday’s minutes of the Federal Reserve’s latest meeting, the dollars response to the Fed policy outlook and Friday’s looming U.S.-China trade talks.
EURUSD is effectively unchanged on the week at writing following the grind higher from the low near 1.12 reached Monday. EUR gains have run into good selling pressure on strength all week but the rebound has persisted.
USDINR is expected to trade with positive bias with buying recommended at lower levels. It has resistance at 72.30(138.12) /72.55(137.83 while support is at 71.95(138.79) followed by 71.70(139.27) mark.
This week precious metals traders will be watching developments around global trade tensions and geopolitical risks, as well as moves in the U.S. dollar, after gold prices ended higher on Friday, notching up a weekly gain of more than 1%.