ISLAMABAD: Gold prices edged up in the international market on Tuesday due to weakened US dollar and were seen oscillating in a narrow trading band, near two-and-half-week tops touched a day earlier.
At 1330 hours GMT, gold in the international market was available at $1,807.60 per ounce after gaining $1.10.
Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs95,400 after gaining Rs900. The closing prices of the yellow metal in the country remained Rs94,500 on Monday last.
According to experts, gold seems to have entered a bullish consolidation phase. They said the risk-on impulse in the markets turned out to be a key factor that acted as a headwind for the traditional safe-haven gold.
They said a three-month-old descending trend line challenges short-term gold upside around $1,806. However, sustained trading beyond the horizontal area comprising the late June lows, around $1,752-55, coupled with the bullish MACD signals, keep gold buyers hopeful. In addition to the stated resistance line, 100 and 200-DMAs around $1,810-12 also challenge the gold bulls, a break of which will underpin the rally to the mid-July highs close to $1,835, they opined.
Meanwhile, the $1,800 threshold and the latest swing lows around $1,775 can entertain gold sellers during further weakness, ahead of $1,755-52 support. Overall, gold prices remain on the way to recovery but await a strong fundamental to cross the key hurdles, they added. – TLTP