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Friday, December 3, 2021

MCX Gold under fresh selling; Support seen at 45751

Technically Gold market is under fresh selling as market has witnessed gain in open interest by 18.79% to settled at 13618 while prices down 203 rupees.

Now MCX Gold is getting support at 45751 and below same could see a test of 45546 levels, and resistance is now likely to be seen at 46140, a move above could see prices testing 46324.

Gold yesterday settled down by 0.44% at 45956 on a stronger dollar and U.S. Treasury yields, while investors also waited for policy cues from a speech by Federal Reserve chair Jerome Powell.

Chicago Fed President Charles Evans said he expects inflation to rise to 2.4% by 2024 but interest rates to be only on a “gentle incline” upward.

The Federal Reserve should let its roughly $8 trillion balance sheet shrink next year as soon as it winds down a bond purchase program, St. Louis Federal Reserve president James Bullard said, cautioning high inflation may require more aggressive steps by the central bank including two interest rate hikes in 2022.

In an interview Bullard said he now expects inflation to remain at 2.8% through next year, well above the central bank’s 2% target and the highest among new economic projections issued by Fed officials last week.

China’s net gold imports via Hong Kong fell 1.1% in August from the previous month, Hong Kong Census and Statistics Department data showed.Net imports stood at 21.804 tonnes in August compared with 22.056 tonnes in July, the data showed. Total gold imports via Hong Kong fell to 24.549 tonnes from 26.406 tonnes. China is the world’s top gold consumer.

Trading Ideas:
–Gold trading range for the day is 45546-46324.
–Gold extended losses on a stronger dollar and U.S. Treasury yields, while investors also waited for policy cues from a speech by Fed chair Powell.
–U.S. 10-year Treasury hits over three-month peak.
–China’s net gold imports via Hong Kong down 1.1% in August.

Courtesy: Kedia commodities

Source: Comodity Online

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