Comex gold intraday

· Gold prices surged as more downbeat US data weakened the dollar and as high oil prices continued to fuel inflation jitters.



· The dollar fell as US companies reportedly cut 23,000 jobs in February according to the ADP National Employment Report, leaving the job figures well below the 15,000-job increase expected.



· International spot gold traded in the range $959.45 - $991.80 and last quoted at $987.90. On Monday, the metal hit an all-time record high of 989.33 USD an ounce.



· Gold moves in line with oil prices as investors’ hedge against inflation, and in the opposite direction to the dollar as bullion is seen as an alternative asset. Gold's value has soared on such purchases and on safe haven buying as the global economy remains shaky and vulnerable to more weakness.



· India, the largest consumer, is entering the marriage season which is a typically strong demand period for gold, and we can expect physical buying activity during price dips that will help support prices, although any significant dollar move will be the key driver for prices



Medium term outlook (Spot Gold)

Bullish above $916; Resistances are $926, $932, $947, $954, $973, $984, $995, $1002; supports $896, $883. Expecting further up-trend above $954.60.



Last day DGCX Gold April traded in the range $961.50 - $995.00 and last quoted at $989.00 ($961.20).





TECHNICAL OUTLOOK (Intra-day)



GOLD (Apr) - Bullish above $ 986.00; bearish below $ 981.00

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