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Local Retail Gold Demand In Focus


COMEX Gold saw sideways trades in last session. The overall undertone was supported though as the metal edged up near a one and half week high above $1923 per ounce. The metal slipped from these levels as some profit selling emerged and ended just above $1900 per ounce mark.

Gold prices were steady around the $1,900 level on Monday, amid political uncertainty stoked by U.S. President Donald Trump’s health after he tested positive for COVID-19 last week. Spot gold was up 0.1% to $1,900.28 per ounce. U.S. gold futures were down 0.1% at $1,906.30. U.S. employment growth slowed more than expected in September and over 300,000 Americans lost their jobs permanently, underscoring the need for additional fiscal stimulus to aid the economy’s recovery. British Prime Minister Boris Johnson said on Sunday that he does not particularly wish for the Brexit transition period to end without a new trade deal in place but believes that Britain could live with such an outcome. The dollar index was down 0.1% against rivals, while U.S. stock futures rose on hopes that Trump could be discharged from hospital later in the day. Speculators reduced their bullish positions in COMEX gold and increased them in silver contracts in the week to Sept. 29, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.05% to 1,275.60 tonnes on Friday. Silver rose 0.8% to $23.89 per ounce


Time                                      :           05/10/2020

Pivot                                     :           1895.99

Technical View                     :           LONG ABOVE 1898.37

Target                                   :           1900.76, 1908.68, 1913.16

Technical View                      :           SHORT BELOW 1891.97

Target                                   :           1887.96, 1883.58, 1875.56


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