Friday’s disappointing US data flow, gave the gold bulls another reason to buy the metal, amid concerns that the US economy’s recovery might be faltering. The University of Michigan’s index of consumer confidence fell to 66.6 in September compared to consensus expectations of a rise to 70.0 from the previous month’s 68.9.
A weaker dollar has added to gold’s upward momentum this morning, although the $1,285 level continues to pose resistance. As highlighted last week, this resistance stems largely from the physical market and could keep gold range bound below $1,285 for a while.
Gold support is at $1,275 and $1,270. Resistance is at $1,285 and $1,290.
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