Gold Silver Reports (GSR) – Gold Spot Fails to Break Upside Hurdle $1308 Level – Gold managed to temporarily break above trendline resistance, but with the inability to push above the $1307 mark, there is still a strong chance of near-term downside to build on the weakness seen over the past month.
Gold Spot once more, a break above that $1308 mark would signal the potential for near-term upside, even if it was a retracement of the $1324-$1272 decline. However, until that happens, there is a strong chance of further downside to come for gold, with an hourly close below $1296 required to provide a bearish short-term report and outlook. Neal Bhai Reports (NBR)
Gold prices drifted lower by Rs 105 to Rs 31,860 per 10 grams, extending its slide for the third straight day at the bullion market today in tandem with weak global cues amid muted demand from local jewellers.
However, silver Recovered by Rs 70 to Rs 40,900 per kg on scattered enquiries from industrial units and coin makers. Marketmen said sentiment in gold remained bearish due to subdued trend overseas as demand for gold as a safe haven investment faded on hopes of US-North Korea summit revived.
