0440 GMT – Gold prices are likely to be a pressurize by some profit-taking, says Angel One analyst Saish Sandeep Sawant Dessai in a note. Spot gold has been trading in a range with a bearish bias as market participants digest Fed Chair Jerome Powell’s comments after the U.S. central bank delivered a super-sized rate cut, Dessai says. Markets will be watching for initial U.S. jobless claims data, which is due today, he says. Geopolitical risks also linger with Hezbollah devices exploding again in Lebanon on Wednesday, stoking tensions of wider conflict after similar explosions of the group’s pagers the day before, he adds. Dessai sees spot gold’s support at $2,505-$2,540/oz and resistance at $2,625-$2,668/oz.

Sources: The Wall Street Journal

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