The yellow metal has gained grounds once again in the recent weeks and rose nearly 6 percent this month. The rise was partly due to rising violence in Iraq and lingering tensions over Ukraine lifting bullions safe haven appeal
Comments from the US that it could launch air strikes to support the Iraqi government after a rampage by Sunni Islamist insurgents led to the rally
Government forces continued to battle Sunni militants for control of Iraq's biggest refinery as U.S. President Barack Obama said the United States will send up to 300 military advisers to Iraq to combat the extremist insurgency
On the flip side, the central bank slashed its forecast for U.S. economic growth to a range of between 2.1 percent and 2.3 percent from an earlier forecast of around 2.9 percent
The Fed also reduced its monthly asset purchases from $45 billion to $35 billion
Although high reading for U.S. inflation has raised expectations the Fed might signal a sooner-than-expected rise in interest rates. Tightening rates would also lift the dollar and put pressure on dollar-priced commodities like gold.
However, lack of interest by the Fed members to raise the interest rates and slow momentum in the US economy has acted as a trigger for traders to push the precious metals higher.
In the International markets, gold prices gained by around 3 percent in the last week. Gold prices touched a weekly high of $1321.9/oz before closing at $1314.32/oz on Friday.
In the Indian markets, gold prices rose by around 3.9 percent in the last week taking cues from strong international markets. Gold prices touched a weekly high of Rs.27820/10 gms before closing at Rs.27668/10 gms on Friday.
Outlook
From a week's point of view, we expect gold prices to trade positive as the Iraq situation has led to bullions safe haven appeal
Militants have taken control over the capital city of Baghdad and very soon it might take control over southern Iraq
Escalating geo-political tensions in between Ukraine and Russia is also acting as a positive factor
Meanwhile, speculators have raised their bullish bets on gold indicating that prices are heading higher in international markets towards $1320.
In the Indian markets, gold prices are expected to trade positive in line with strength in international markets gold prices can possibly head towards Rs.28000 mark in the near term.
Weekly Technical Levels - Trend Up
Spot Gold : Support $1290/$1270 Resistance $1340/$1360.
Strategy: Buy MCX Gold August between 27200 – 27,250, SL- 26,800, Target – 28,100 / 28,200
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