GOLD prices rose again last week due to pessimism in US outlook and market closed at week’s high on Friday. The investors have digested the margin hike imposed two weeks ago by CME Group and flight into gold again as safe haven. On Friday, the US jobless rate remained high at 9.1% and non-farm payroll was stagnated in August without growth. Gold rose after this data was released.
This week, we reckon the trend will slow down on topside while being capped at 1900.00 resistance. According to our technical study, the market may come back to S1 — 1830.00 as form of technical digestion. Any extreme case of fundamental news may even drive the gold prices back to S2 – 1810.
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