Gold And Silver…

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Gold futures came under pressure from strength in the equities markets and a stronger dollar, after an upbeat U.S. economic data, while silver futures continued their bearish trend, as they closed below $19.5 per ounce.

Easing international geo-political tensions have boosted investors’ risk appetite, driving them to equities and kept them away from the bullions.

The gold holdings of SPDR gold trust increased to 799.19 tons, as on August 19, while that of ishares Silver trust stood at 10,228.1.

The U.S. dollar extended gains to 0.4% against a basket of major currencies, after data showed U.S. housing starts rebounded sharply in July after 2-months of declines.

Market players eyeing the annual meeting of central bankers in Jackson Hole, Wyoming, on Thursday, which includes a speech on Friday from Federal Reserve chief Janet Yellen that could give clues on the timing of any rate rise.

Gold prices traded in a narrow range in the Asian & European trading session; however the metal fell sharply in the U.S. session after it failed to breach the previous support line, which acted as good resistance. Gold now holds immediate support at 28170 and next at 28000, while upside resistance is seen at 28280 and next at 28400.

Silver too traded in a narrow range in early part of the trading sessions, but prices fell sharply after they breached support of 42500. Silver futures now hold immediate support at 42100 and next at 41740, while resistance holds at 42350 and 42600.

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