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Gold market under fresh selling; Support seen at 29784
Commodity Online | September 14 2017
UPDATED 10:17:37 IST

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MCX Cardamom under short covering

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Fresh selling seen in MCX Nickel; Support seen at 677.4

Technically Gold market is under fresh selling as market has witnessed gain in open interest by 1.87% to settled at 6827 while prices down -57 rupees.

Now MCX Gold is getting support at 29784 and below same could see a test of 29683 levels, and resistance is now likely to be seen at 30022, a move above could see prices testing 30159.

Gold on MCX settled down 0.19% at 29886 dropped tracking weakness from Comex Gold which fell to a five weeks low down 0.65 percent at $1322.91 an ounce erasing earlier gains as the dollar index jumped after a report showed U.S. producer prices rebounded in August and as traders turned their focus to US consumer inflation data.

But concerns over North Korea's nuclear ambitions were a key factor driving spot gold prices to 13-month highs last week at $1357.54 an ounce. An easing of those worries helped lift equities to record highs early this week.

While demand for gold, seen as a safe investment in uncertain times, revived earlier after U.S. President Donald Trump pledged stronger measures against North Korea and Pyongyang promised to fight off what it said was the threat of a US invasion.

Investors in gold-backed exchange-traded funds were buying as prices fell. Holdings of the largest gold-backed ETF, New York's SPDR Gold Trust, rose 0.35 percent on Tuesday from Monday. While Investors awaited U.S. consumer inflation data due on Thursday, which should give further clues about the pace of U.S. interest rate increases.

A run of weak inflation readings has lowered expectations the Federal Reserve will raise rates in December.       

Trading Ideas:
--Gold trading range for the day is 29683-30159.
--Gold edged down with investors turning their attention to U.S. consumer inflation data later in the day for clues on the timing of further interest rate hikes.
--Pressure also seen as easing U.S.-North Korea tensions fueled demand for riskier assets lifting global stocks to record highs.
--Demand for gold, seen as a safe investment in uncertain times, revived earlier after U.S. President Donald Trump pledged stronger measures against North Korea.

Courtesy: Kedia Commodities

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