comex gold intraday

Gold prices edged up on Friday as the Dollar continued weak and oil prices recovered to settle above $106 a barrel.



International spot gold traded in the range $899.20 - $914.40 and last quoted at $912.90.



The dollar descended further against the Euro on Friday, extending the losing streak, as downbeat employment data from the US dampened the sentiments of investors on the greenback.



Non-farm payrolls fell by an estimated 80,000 in March, according to the latest release from US Labor Department on Friday.



Also, the unemployment rate in the US rose to 5.1% in March, the highest since September 2005.



Earlier, data from the US Labor Department on Thursday had shown initial claims for unemployment benefits rose by 38,000 to 407,000 in the week ended March 29, their highest level since September 2005. The four-week average of initial claims rose by 15,750 to 374,500.



Continuing jobless claims also recorded a rise, by 97,000 to 2.94 million; the four-week average of continuing claims increased by 32,250 to 2.86 million.



Federal Reserve Chairman Ben Bernanke, in testimony to Congress, had said that the outlook for US economic growth had worsened since January and the possibility of a recession could not be ruled out.

The Institute for Supply Management reported that its March non-manufacturing composite index moved to a reading of 49.6 from 49.3 in February and 44.6 in January.

Medium term outlook (Spot Gold)

Bullish above $916; Resistances are $926, $932, $947, $954, $973, $984, $995, $1002, $1022, $1035, $1052; supports $896, $883. Further up-trend is expected above $954.60.



Last day DGCX Gold June traded in the range $904.00 – $918.70 and closed at $918.00 ($909.00).


DGCX Gold June


TECHNICAL OUTLOOK (Intra-day)

GOLD (June) - Bullish above $ 917; bearish below $ 912

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