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MUMBAI, Aug 15(www.GoldTradingCalls.com) Gold futures trading settles moderately lower as rising dollar hampers gold surge. On the week, gold rose 0.9%, making it the second weekly gain for gold. Gold has gained in four out of the eight past weeks.
Gold trading futures hit a six-week high on Thursday, playing off disappointing data from the Labor Department on weekly jobless claims that added to investor worries about the recovery.
A stronger dollar generally pressures gold and other commodities as it makes them more expensive for holders of other currencies, reducing their investment appeal.
Our Inhouse Quant Forecast in BLUELINE Superimposed on price chart clearly shows that Gold future should correct and we wait for the correction to end around the later part of the week Aug 19-20 as shown the graph below
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