GOLD TRENDSupport at USD 1250. Bearish below USD1250.
Buy at 27610, Stop loss 27540 Target 27740.
Gold futures started the week on an optimistic note, extending its last week's gains in the Asia electronic session today. The start attractions this week are the Non Farm Payrolls data and the second-quarter GDP data.
Gold futures for August delivery are trading up USD 5.5 at USD 1327 an ounce on the Comex division of the New York Mercantile Exchange. It dropped 0.55 percent on Friday to settle the week at USD 1,321.50 a troy ounce.
On the week, gold prices added 0.69 percent. The metal is likely to face a resistance near USD 1350-1400 levels in the near term. The commodity jumped to almost five-week high of USD1,347.85 a troy ounce on Tuesday, a day after a weaker-than-expected report on U.S. home sales fueled market talk that the Federal Reserve will keep stimulus measures in place for now.
The National Association of Realtors reported earlier that existing home sales fell 1.2 percent to 5.08 million units in June, missing market calls for sales to rise 0.6 percent to 5.25 million units in June. Sales for May were revised down to 5.14 million from a previously reported 5.18 million.
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