Gold prices consolidating in a triangle
Waiting to give gold a breakout or breakdown Dr. Renisha Chainani, Head- Research, Augmont - Gold for all; said in a weekly [1 to 4 July] that, as the U.S. labour market continues to be strong and the economy created more jobs than anticipated last month, the price of gold has dropped below $3320 (~Rs 96500), fighting to regain its footing. Last week, gold got off to a strong start and saw three days of gains before stalling when it became apparent that the US Federal Reserve was unlikely to lower interest rates anytime soon. Headlines about the US trade talks may influence Gold's movement in the near future if there are no important macroeconomic data releases. US President Donald Trump wrote a handwritten letter to Federal Reserve Chairman Jerome Powell requesting that he cut interest rates, White House press secretary Karoline Leavitt said. Trump, she added, thinks interest rates ought to be cut to around 1%. However, Fed Chairman...