Gold.......
started the week on an optimistic note, extending its last week's gains in the Asia electronic session today. The start attractions this week are the Non Farm Payrolls data and the second-quarter GDP data.
Gold futures for August delivery are trading up $5.5 at $ 1327 an ounce on the Comex division of the New York Mercantile Exchange. It dropped 0.55% on Friday to settle the week at $1,321.50 a troy ounce.
On the week, gold prices added 0.69%. The metal is likely to face a resistance near $1350-1400 levels in the near term. The commodity jumped to almost five-week high of USD1,347.85 a troy ounce on Tuesday, a day after a weaker-than-expected report on U.S. home sales fueled market talk that the Federal Reserve will keep stimulus measures in place for now.
The National Association of Realtors reported earlier that existing home sales fell 1.2% to 5.08 million units in June, missing market calls for sales to rise 0.6% to 5.25 million units in June. Sales for May were revised down to 5.14 million from a previously reported 5.18 million.
On the data front this week, we have pending home sales, house prices, consumer confidence, construction spending, and the manufacturing PMI, and private sector jobs from US. While jobs number provide each months US data highlight, this week will also see the release of the first estimate of June quarter GDP on Wednesday and a Fed policy meeting to boot. The Federal Reserve, the Bank of England and the European Central Bank all hold policy-setting meetings this week.
MCX August gold futures may open today's session near Rs 27600 levels with resistance near Rs 27700 and support near Rs 27520 levels.
Source by Commodity Insights
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