|Gold’s Outlook Continues To Point North$GLD
Gold’s outlook continues to point North for more gains the week. Tough we may see Gold correct some of its recent gain.
On the Northside
Resistance stands at the 1,170.00 where a break will aim at e 1,190.000 , then to 1,200.00 the psych mark. A break there points to 1,220.00.
The Support comes in at the 1,150.00, a break points at 1,130.00, a clear break there will open the door for move to 1,120.00.
Overall, Gold is biased to the Northside on corrective recovery.
“Restrictions placed on import of Gold… stand withdrawn with immediate effect,” India’s central bank said in a statement on Saturday, 29 November.
Support for Spot Gold comes from jewelry demand from India in the lead up to and during the wedding season, which starts again in late September. India did record a 176% increase in Gold imports in August to US$2-B from about US$756-M.
Overall, the impact of wedding season Spot Gold buying has faded in recent times as India is no longer the world’s largest Gold consumer, partly because of the on-going government import restrictions on precious metals. If they are further relaxed, perhaps India will regain its Top spot.
India’s Akshaya Tritiya festival considered by India’s more than 900-M Hindus as an auspicious day to buy Gold and Silver, fell on 21 April this year. Bullion is bought in India during festivals and marriages as part of the bridal trousseau or gifted in the form of jewelry by relatives.
Have a terrific week.