Gold prices ended with small losses as
pressure continues amid expectations that the U.S. Federal Reserve will
opt for more interest rate hikes in 2017. U.S. data published on
Friday helped strengthen the case for the Fed to raise rates. The dollar
remained less than 1 percent below the 14-year high hit after the Fed
raised U.S. interest rates last week for the first time in a year. Gold performed well for the course of week and
gave good return to sellers. We saw a good selling from the handle of 27200,
which further lead to 26860. A sharp downside was seen on charting, for the
coming days we are expecting the prices to approach 26200 levels where profit
booking will take place and above this handle some fresh selling can take place
for levels. Looking for upside 27280
will be immediate resistance.
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