Latest Business News: Commodity Outlook For Gold By KediaCommodity: Gold recovered lost ground to turn higher as the dollar surrendered earlier gains, lifting interest in the precious metal as a haven from volatility in the foreign exchange market. Gold opened lower at 19838 after the overnight? rally in the dollar. After dipping shortly after the open to its intraday low of 19676, buying interest as the dollar reversed and equities rose, took the metal to its high of 19899. Quiet range trading saw gold end the session at 19891. Now support for the gold MCX is seen at 19745 and below could see a test of 19599. Resistance is now likely to be seen at 19968, a move above could see prices testing 20045.
Trading Ideas:
Gold trading range is 19599-20045.
Gold recovered lost ground to turn positive as the dollar surrendered earlier gains
Gold looks to take support at 19745 and resistance at 19968.
Spdr gold trust holdings fell by 0.91 tonnes to 1301 tonnes
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