Gold on 5th September 2017, Gold prices up by (118) pts closed at 30223 trading range between 29955 - 30243 and December Comex Gold futures settled at $1344.50 division of the New York Mercantile Exchange. Gold prices rose to near one-year highs on Tuesday, against a fall in the dollar with prevailing geopolitical uncertainty and increasing demand of gold with the North Korea’s largest and most powerful nuclear test over the weekend.

Technical View

Gold reached the resistance area which is a crucial technical level at $1349(30300). As per our technical outlook, first level of target has been met and consolidation is in process. It is likely to retest at $1325 which is support slope line. Whenever prices are down, dips on buying would be the most preferable trading strategy until it reaches $1362 level. As per the previous outlook prices rebounded from $1325 which is a profit booking area.

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