Open Close High Low Change
Fine.GLD10gm 49810 50070 50070 50070 260 (0.52%)
TJB.GLD.10gm 49555 49815 49815 49815 260 (0.52%)

Gainers & Loosers

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Today Market

31 May 2018

The Global Market With Gold


Gold prices has shown a minor recovery of more than $10 from the low of $1292 made this week on account of weak US dollar. Euro jumped more than 150 pips from the low after Italian President gives populist more time to form a government. Euro appreciated since chance of new elections are less in Italy.  Italy 2- year bond yield came slightly below 2% after surging more than 150 basis point on Tuesday. Italy Credit default swaps jumped by 59% to 262 bps, the highest level since Oct 2013. The upside momentum is capped due to strength in US dollar index. DXY has shown a decline of more than 100 pips from the high of 95.03.It is currently trading around 93.93. The yellow metal hits high of $1306.49 and is currently trading around $1305.
 

The major three factors to be watched for gold price movement are

  • US Dollar index – weak (positive for gold)
  • USDJPY- Weak (positive for gold)
  • US 10 –year yield – 2.87% (5% jump) (Slightly negative for gold).

The yellow metals near term resistance at $1307 (200- day MA) and any convincing break above will take the yellow metal till $1316 (55- day EMA)/ $1324 (50% fibo). 
 

On the lower side, near term support is around $1294 and any break below will drag the yellow metal down till $1285/$1280.

It is good to buy on dips around $1295-97 with SL around $1290 for the TP of $1308/$1316.

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