Technically Gold market is under fresh selling as market has witnessed gain in open interest by 3.49% to settled at 14093 while prices down 187 rupees.
Now MCX Gold is getting support at 45610 and below same could see a test of 45451 levels, and resistance is now likely to be seen at 46050, a move above could see prices testing 46331.
Gold yesterday settled down by 0.41% at 45769 as the dollar climbed to 11-month highs on growing expectations of quicker-than-expected US interest rate hikes.
St Louis Federal Reserve President James Bullard cautioned high inflation may require more aggressive steps by the central bank, including two interest rate hikes in 2022.
U.S. consumer confidence fell to a seven-month low in September as a relentless rise in COVID-19 cases deepened concerns about the economy’s near-term prospects, fitting in with expectations for a slowdown in growth in the third quarter.
The survey from the Conference Board showed consumers less interested in buying a home and big-ticket items such as motor vehicles and major household appliances over the next six months. Consumers were also not as upbeat in their views of the labor market as in the prior month.
The Conference Board said its consumer confidence index dropped to a reading of 109.3 this month from 115.2 in August. The third straight monthly decline pushed the index to the lowest level since February.
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.
Trading Ideas:
–Gold trading range for the day is 45451-46331.
–Gold seen under pressure as the dollar climbed to 11-month highs on growing expectations of quicker-than-expected US interest rate hikes.
–Consumer confidence index falls 5.9 pts to 109.3 in September.
–Goods trade deficit rises 0.9% to $87.6 bln in August.
Courtesy: Kedia Commodities
Source: Comodity Online
