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Wednesday, December 1, 2021

MCX Gold under long liquidation; Support seen at 46997

Technically Gold market is under long liquidation as market has witnessed drop in open interest by 8.3% to settled at 12132 while prices down 669 rupees.

Now MCX Gold is getting support at 46997 and below same could see a test of 46780 levels, and resistance is now likely to be seen at 47554, a move above could see prices testing 47894.

Gold yesterday settled down by 1.4% at 47213 as a rebound in U.S. bond yields and a surprise increase in September retail sales dented the metal’s appeal as a safe-haven asset.

U.S. retail sales unexpectedly increased in September, boosting equities, and extending losses in risk-hedge gold.The International Monetary Fund’s steering committee on Thursday urged global policymakers to monitor pricing dynamics closely, but to “look through” inflationary pressures that are transitory and will fade as economies normalise.

The World Bank expects global growth of 5.7 per cent in 2021 and 4.4 per cent in 2022, according to the group’s president David Malpass, who recently told a media roundtable during its annual meetings that these are similar to its projections in the June Global Economic Prospects report.Data point to slowing momentum in global activity amid persistent supply chain bottlenecks and COVID-19 surges, he said.

As global recovery remains dramatically uneven, the outlook is challenging for much of the developing world with lagging vaccination rates, rising inflation, limited policy support, too few jobs, and shortages that extend to food, water and electricity, he said.The number of Americans filing new claims for unemployment benefits dropped below 300,000 last week for the first time in 19 months.

Trading Ideas:
–Gold trading range for the day is 46780-47894.
–Gold prices fell as a rebound in U.S. bond yields and a surprise increase in September retail sales dented the metal’s appeal as a safe-haven asset.
–U.S. retail sales unexpectedly increased in September, boosting equities, and extending losses in risk-hedge gold.
–The number of Americans filing new claims for unemployment benefits dropped below 300,000 last week for the first time in 19 months.

Courtesy: Kedia Commodities

Source: Comodity Online

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