MCX GOLD NEWS : 10.01.2017
Gold on MCX settled up 0.59% at 28051 as markets reassessed the outlook for the U.S. economy after Donald Trump is inaugurated as president later this month. Boston Federal Reserve President Eric Rosengren called for the U.S. central bank to step up its pace of interest rate increases. U.S. employment increased less than expected in December but a rebound in wages pointed to sustained labor market momentum that sets up the economy for stronger growth and further interest rate increases this year. Chicago Federal Reserve President Charles Evans said the central bank could raise interest rates three times this year, faster than he had expected just a few months ago and in line with the majority of his colleagues. Hedge funds and money managers cut their bullish position in COMEX gold contracts for the eighth straight week in the week to Jan. 3, taking it to the smallest in 11 months, U.S. Commodity Futures Trading Commission (CFTC) data showed. Gold demand in Asia gathered some steam last week on wedding season purchases in India, with prices swinging to a premium there for the first time in over a month, and traders expecting demand to strengthen due to the upcoming Chinese New Year. The outlook for U.S. rates may become a little clearer when Federal Reserve Chair Janet Yellen appears at a webcast town hall meeting with educators on Thursday. Technically market is under fresh buying as market has witnessed gain in open interest by 5.85% to settled at 7566 while prices up 164 rupee, now Gold is getting support at 27902 and below same could see a test of 27752 level, And resistance is now likely to be seen at 28141, a move above could see prices testing 28230.
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