MCX Gold under short covering; Support seen at 37790

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Technically market is under short covering as market has witnessed drop in open interest by 0.42% to settled at 18931 while prices up 388 rupees.

Now MCX Gold is getting support at 37790 and below same could see a test of 37418 , and resistance is now likely to be seen at 38437, a move above could see prices testing 38712.

Gold on MCX settled up 1.03% at 38163 as markets eyed ongoing political and trade turbulence, even as a U.S. decision to delay tariffs on some Chinese goods boosted risk appetite.

Prices gained as fears of a drawn-out global trade war, protests in Hong Kong, political uncertainty in and a crash in the peso sent investors scrambling for safe-haven assets. The Italian Senate is meeting today to set a crucial date for a no-confidence vote that could spell the end of Prime Minister Giuseppe Conte’s populist government.

Fears of a full-blown financial crisis in Argentina have once again come rushing to the fore after a plunge in Argentine assets in the wake of President Mauricio Macri’s stunning rout in primary elections over the weekend. U.S. President Donald Trump backed off his Sept. 1 deadline for 10% tariffs on some Chinese imports, boosting equity markets.

Protests in Hong Kong, uncertainty about Brexit, and the sustained Sino-U.S. trade war still trouble markets. Investors are focused on the Federal Reserve’s annual symposium next week. Traders see a 91.2% chance of a 25 basis-point rate cut by the Fed this September. has warned of potential terrorism arising from increasingly violent protests in Hong Kong as the situation gets worse and worse.

Trading Ideas:
–Gold trading range for the day is 37418-38712.
–Gold prices gained as markets eyed ongoing political and trade turbulence, even as a U.S. decision to delay tariffs on some Chinese goods boosted risk appetite.
–U.S. President Donald Trump backed off his Sept. 1 deadline for 10% tariffs on some Chinese imports.
–China has warned of potential terrorism arising from increasingly violent protests in Hong Kong as the situation gets worse and worse.

Courtesy: Kedia Commodities

Source: Commodityonline.com