Gold on 13th Oct 2017, Gold prices up by (37) pts closed at 29851, trading range between 29720 - 29868 and December Comex Gold futures settled at $ 1304.60 division of the New York Mercantile Exchange. Gold prices edged higher on Friday after the release of the weaker-than expected U.S. inflation raised worries of the investors if the Federal Reserve will plan to raise interest rates once more this year.

Technical Outlook

The Gold 4H chart has formed Rounding Bottoms chart pattern. Currently, prices are expected to move towards neckline first at $1316(30166) as this is a crucial place. A break above and close of a 4H candle could lead towards $1338(30450) level. Alternatively, if it does not break above, then selling pressure may extend towards $1293(29700) which will hold the support.

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