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Expect Gold to trade sideways

Gold extended its rally to a three – month high on Friday, leaping toward its biggest one – year rise in seven years as a wilting U.S. dollar, political tensions and receding concerns over the impact of U.S. interest rate hikes fed into its rally. Gold’s gain s coincide with the greenback, in which gold is priced, sliding  toward its worst year since 2003, damaged by tensions over North  Korea, the Russian scandal surrounding U.S. President Donald Trump’s  election campaign, and persistently low U.S. inflation.

 

Outlook
We expect gold prices to trade sideways on the back of profit booking after rise in prices.