MCX GOLD NEWS : 12.01.2017
Gold on MCX settled up 0.55% at 28300 amid safe haven demand after president-elect Donald Trump's first press conference. Trump gave updates on a number of his campaign promises, vowing to replace ObamaCare and start the Mexico border wall fairly soon. The US dollar appeared poised to extend its rally to two days on Wednesday before experiencing volatility during Donald Trump’s news conference. The dollar index rose as much as 0.9% earlier before finishing down 0.2% at 101.78. The President-elect didn’t get into details about his fiscal policies during the conference, but did lash out against the “disastrous” pharmaceutical industry. Healthcare stocks declined sharply as a result. Meanwhile investors have become uneasy about Trump’s plan to stimulate growth, evidenced by a recent loss of momentum in the US stock market. That uncertainty has also rubbed off on the dollar, which was previously riding high on expectations of faster inflation. This has provided enough scope for precious metals to stage a healthy recovery in the first two weeks of 2017. Also the Federal Reserve will monitor inflation carefully during Trump’s first term as President. Rate-setters have already expressed concerns that monetary policy could tighten faster than previously expected on account of the President-elect’s growth policies. As a result, the Fed now expects three rate increases this year, based on the latest quarterly projections. Technically market is under short covering as market has witnessed drop in open interest by -1.42% to settled at 7024 while prices up 156 rupee, now Gold is getting support at 28139 and below same could see a test of 27979 level, And resistance is now likely to be seen at 28402, a move above could see prices testing 28505.
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Gold on MCX settled up 0.55% at 28300 amid safe haven demand after president-elect Donald Trump's first press conference. Trump gave updates on a number of his campaign promises, vowing to replace ObamaCare and start the Mexico border wall fairly soon. The US dollar appeared poised to extend its rally to two days on Wednesday before experiencing volatility during Donald Trump’s news conference. The dollar index rose as much as 0.9% earlier before finishing down 0.2% at 101.78. The President-elect didn’t get into details about his fiscal policies during the conference, but did lash out against the “disastrous” pharmaceutical industry. Healthcare stocks declined sharply as a result. Meanwhile investors have become uneasy about Trump’s plan to stimulate growth, evidenced by a recent loss of momentum in the US stock market. That uncertainty has also rubbed off on the dollar, which was previously riding high on expectations of faster inflation. This has provided enough scope for precious metals to stage a healthy recovery in the first two weeks of 2017. Also the Federal Reserve will monitor inflation carefully during Trump’s first term as President. Rate-setters have already expressed concerns that monetary policy could tighten faster than previously expected on account of the President-elect’s growth policies. As a result, the Fed now expects three rate increases this year, based on the latest quarterly projections. Technically market is under short covering as market has witnessed drop in open interest by -1.42% to settled at 7024 while prices up 156 rupee, now Gold is getting support at 28139 and below same could see a test of 27979 level, And resistance is now likely to be seen at 28402, a move above could see prices testing 28505.
