Gold on international bourses is trading on steady note on Friday morning after declining to one week low in the
previous session. Strength in the dollar against major currencies especially Euro after the ECB signalled for rate cut
and more monetary easing is weighing on the market. Gold fell on Thursday after release of weekly US
unemployment claims data, which fell to a three-month low last week, pointing to strength in the labor market,
while new orders for key U.S.-made capital goods surged 1.9 % in June. Global bullion market is heading for weekly
decline after two consecutive weeks of gains and market participants would be cautious ahead of release of
preliminary GDP numbers of US for second quarter. For the day, range bound trend is expected in gold while
selling is recommended in silver.MCX Gold price has declined by almost 0.5% in the last trading session after weakening unemployment data in the USA. On an hourly time frame, price has shifted below 200 days Simple Moving Average and Parabolic sar, which signify that price may move further bearish in the near term. In addition, momentum indicator RSI(14) and CCI(22) have shifted in the negative level, which adds more strength in the counter to move downwards. On the basis, these technical formation, we expect a downside movement in the counter for the day trading towards the level Rs. 34650..
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