Investing.com - Gold futures were lower on Monday, holding near last week's 33-month low, amid expectations the Federal Reserve will begin to taper off its bond-buying program by the end of this year.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,288.35 a troy ounce during U.S. morning hours, down 0.3% on the day.
Comex gold prices fell by as much as 1.1% earlier in the session to hit a daily low of USD1,277.65 a troy ounce.
Gold future prices plunged to USD1,268.75 a troy ounce on Friday, the weakest level since September 16, 2010.
Gold futures were likely to find support at USD1,246.20 a troy ounce, the low from September 14, 2010 and near-term resistance at USD1,310.10, the high from September 28, 2010.
Comex gold lost 6.8% last week, the worst weekly decline since September 2011, after Fed Chairman Ben Bernanke said last Wednesday that the bank could begin tapering asset purchases by the end of 2013 if the economy continues to pick up.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.
Meanwhile, Wall Street investment bank Goldman Sachs cut its outlook on gold prices for this year and next, citing mounting risks from an improving U.S. economic outlook.
The investment bank now expects gold to end this year at USD1,300 a troy ounce, down 9.4% from its previous forecast. For 2014, Goldman sees gold ending at USD1,050 an ounce, down 17.3% on its earlier outlook.
Any way our Catter Piller Blog TM predict the support line for Gold is $1260 .
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Catter Piller Blog TM
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