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Monday, October 18, 2021

MCX Gold under short covering; Support seen at 46564

Technically Gold market is under short covering as market has witnessed drop in open interest by 3.42% to settled at 6797 while prices up 34 rupees.

Now MCX Gold is getting support at 46564 and below same could see a test of 46457 levels, and resistance is now likely to be seen at 46770, a move above could see prices testing 46869.

Gold yesterday settled up by 0.07% at 46672 as prices were steady as investors steered clear of making big bets ahead of expected cues from the U.S. Federal Reserve on the next step in its tapering strategy.

The Bank of Japan confirmed that it would continue with its ultraeasy monetary policy as the country continues to fight coronavirus outbreaks caused by the delta variant.

Worries over a possible default by China’s No. 2 property developer, Evergrande, drove some safe-haven inflows into gold over the past couple of sessions, but those jitters have since eased following a deal with bondholders.

Russia produced 173.99 tonnes of gold between January and July, down from the 176.30 tonnes it produced in the same period in 2020, the finance ministry said. The country also produced 524.28 tonnes of silver during the same period this year, up from 514.42 tonnes in January-July 2020, the ministry said.

Swiss exports of gold to India jumped to a five-month high in August while shipments to China fell, Swiss customs data showed. Switzerland is the world’s largest bullion refining centre and transit hub and its data give insight into global demand trends.

Trading Ideas:
–Gold trading range for the day is 46457-46869.
–Gold prices were steady as investors steered clear of making big bets ahead of expected cues from the Fed on the next step in its tapering strategy.
–BOJ confirmed that it would continue with its ultraeasy monetary policy as the country continues to fight coronavirus outbreaks caused by the delta variant.
–Russia’s Jan – July gold output at 174 tonnes – finance ministry.

Courtesy: Kedia Commodities

Source: Comodity Online

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