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Sunday, October 17, 2021

MCX Gold under fresh buying; Support seen at 47365

Technically Gold market is under fresh buying as market has witnessed gain in open interest by 4.8% to settled at 13780 while prices up 718 rupees.

Now MCX Gold is getting support at 47365 and below same could see a test of 46814 levels, and resistance is now likely to be seen at 48233, a move above could see prices testing 48550.

Gold yesterday settled up by 1.52% at 47916 boosted by concerns of an economic hit from soaring energy prices and a slight retreat in the dollar.

Fed policymakers said the economy has healed enough for the central bank to begin withdrawing its crisis-era support, cementing expectations for tapering as soon as next month.

Two U.S. Federal Reserve policymakers said that the central bank has kept pace with a planned move to reduce its bond buying program, cementing expectations the Fed will start withdrawing its crisis-era stimulus as soon as next month.

“I myself believe that the ‘substantial further progress’ standard has more than been met with regard to our price-stability mandate and has all but been met with regard to our employment mandate.”

Clarida said in prepared remarks to the Institute of International Finance virtual annual meeting, as he repeated that the Fed at its last meeting agreed tapering “may soon be warranted” and would likely conclude in the middle of next year.

Clarida’s upbeat assessment likely echoes the sentiments of his boss, Fed Chair Jerome Powell, who had previously said that he only needed to see a “decent” September U.S. jobs report to be ready to begin to taper bond buys in November.

Trading Ideas:
–Gold trading range for the day is 46814-48550.
–Gold prices rose boosted by concerns of an economic hit from soaring energy prices and a slight retreat in the dollar.
–The benchmark U.S. 10-year Treasury yields eased from their June highs.
–Fed policymakers said the economy has healed enough for the central bank to begin withdrawing its crisis-era support.

Courtesy: Kedia Commodities

Source: Comodity Online

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