Gold COMEX prices held steady on Wednesday after dipping overnight and prices supported above $1,300 an ounce in the near term as geopolitical tensions from crisis in Ukraine and the Gaza strip brought safe-haven bids. But sluggish physical demand in Asia due to seasonally summer period could weaken support for any upside price rally.
For next week, we can expect COMEX Gold August Futures prices to trade on positive note due to worries on Ukraine.Technically COMEX Gold is sustaining above the important level of $ 1300 an ounce and if it sustain above the level of $1330 then it can test the levels of $1350 and $1370 on the higher side. If MCX Gold August futures sustains above 28200, then upside movement can be seen till the levels of 28400 and 28600.
By Vivek Gupta (Director Research, CapitalVia Global Research Ltd.).
