Gold in the spot market struck a high of 1313.75 and a low of 1281.00 on Friday as gold eased on Monday to trade near three-week lows as a strong U.S. jobs growth reignited fears the Federal Reserve could soon start scaling back its stimulus, denting bullions appeal as a hedge against inflation. Indications that the U.S. economy was on a firmer footing than expected could prompt the central bank to start withdrawing support, its $85 billion monthly bond purchases, as early as next month. Gold has already lost nearly a fourth of its value this year amid expectations of a tapering. Prices are expected to test support at $1,278, a break below which will lead to a further drop to $1,251.66. Golds recent drop to below $1,300 has however failed to attract demand in Asia as buyers wait on the sidelines amid hopes for prices to weaken further. Time of Writing : 1250 HRS - PST (Monday, November 11, 2013) DAILY TECHNICAL RESISTANCES AND SUPPORTS CURRENT PRICE: 1286.65 RESISTANCES: 1295.97 1299.23 1304.25 SUPPORTS: 1279.66 1273.05 1268.84
Posted on: Mon, 11 Nov 2013 09:31:14 +0000
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