Gold futures likely to track Comex ahead of American CPI data this week
The release is expected to intensify the debate among US Federal Reserve members over the direction of US interest rates in September.
In a research note, RHB Research said gold futures will likely remain bullish this week, with analysts projecting a possible break above the US$3,450 per ounce resistance level, potentially pushing prices towards the US$3,500 per ounce mark.
'In a bullish market setup, resistance levels tend to be weaker. We expect immediate support to emerge at the US$3,350 per ounce level,' it said.
The research house said traders are advised to retain long positions initiated at US$3,402.40 per troy ounce.
'To manage the downside risks, the stop-loss threshold is fixed at US$3,150 per ounce,' it added.
On a weekly basis, the spot-month August contract increased to US$3,415.80 per ounce last Friday from US$3,310.40 a week earlier, the September contract improved to US$3,421.50 per ounce from US$3,316.30 previously, while October strengthened to US$3,451.50 per ounce from US$3,345.40, and November advanced to US$3,468.90 per ounce from US$3,362.80. — Bernama
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