FREE GOLD TIPS : 29-12-2016
Gold on MCX settled up 0.48% at 27300 traded in the range after opening with a gap up holding near 2-week highs during this lull between Christmas and New Years. Gold's safe haven value was boosted by a drop in stocks, with the DJIA unable to crack the elusive 20,000 mark. Volumes were thin ahead of the new year. Market activity is expected to remain low for the balance of the week. Bullion is fresh off its seventh consecutive weekly drop, its longest losing streak in over 12 years. Prices have been under pressure for the past two months by a surging US dollar and expectations for higher US interest rates. Gold’s descent intensified earlier this month after theFederal Reserve lifted interest rates and signaled a faster tightening cycle over the next two years. The US dollar powered to fresh highs on Wednesday, as other major currencies remained lock in a firm downtrend against the greenback. The dollar has benefited from widening bond yields following a string of upbeat US economic data. Gains in the greenback are expected to continue in the new year as incoming President Donald Trump moves ahead with an ambitious plan to boost economic growth. An environment of rising interest rates and a firmer dollar will make gold less appealing for foreign investors. In economic data on Thursday, the US government will report on weekly jobless claims, wholesale inventories and the goods trade balance. Technically market is getting support at 27217 and below same could see a test of 27135 level, And resistance is now likely to be seen at 27364, a move above could see prices testing 27429
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Gold on MCX settled up 0.48% at 27300 traded in the range after opening with a gap up holding near 2-week highs during this lull between Christmas and New Years. Gold's safe haven value was boosted by a drop in stocks, with the DJIA unable to crack the elusive 20,000 mark. Volumes were thin ahead of the new year. Market activity is expected to remain low for the balance of the week. Bullion is fresh off its seventh consecutive weekly drop, its longest losing streak in over 12 years. Prices have been under pressure for the past two months by a surging US dollar and expectations for higher US interest rates. Gold’s descent intensified earlier this month after theFederal Reserve lifted interest rates and signaled a faster tightening cycle over the next two years. The US dollar powered to fresh highs on Wednesday, as other major currencies remained lock in a firm downtrend against the greenback. The dollar has benefited from widening bond yields following a string of upbeat US economic data. Gains in the greenback are expected to continue in the new year as incoming President Donald Trump moves ahead with an ambitious plan to boost economic growth. An environment of rising interest rates and a firmer dollar will make gold less appealing for foreign investors. In economic data on Thursday, the US government will report on weekly jobless claims, wholesale inventories and the goods trade balance. Technically market is getting support at 27217 and below same could see a test of 27135 level, And resistance is now likely to be seen at 27364, a move above could see prices testing 27429
