GOLD WEEKLY OUTLOOK : Feb 11 to Feb 15

Release Time:2019-02-12 02:06

This week precious metals traders will be monitoring U.S. economic data for its impact on the greenback, one of the biggest drivers for gold, after concerns over the gloomy global economic outlook boosted the dollar on Friday and saw gold post its first weekly decline in three. Investors will get an update on U.S. inflation figures after the Federal Reserve said it will be patient as it considers whether to continue hiking interest rates. Other U.S. economic reports due this week include consumer prices on Wednesday, producer prices and December retail sales figures on Thursday and industrial production on Friday. The retail sales report had been delayed by the temporary government shutdown. 

Technical Commentary 1300 was Gann resistance and it came down to around 1300 support level in just a week's time.Gold trend is up and has given good rally so far. Trend will remain up till it does not close below 1300. 

MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 1300-1273-1262-1255-1236-1225-1215-1195- 1180-1153-1120-1045 MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 1330-1355-1366-1380-1400