Technically Gold market is under short covering as market has witnessed drop in open interest by 5.91% to settled at 13260 while prices up 752 rupees.
Now MCX Gold is getting support at 45921 and below same could see a test of 45322 levels, and resistance is now likely to be seen at 46903, a move above could see prices testing 47286.
Gold yesterday settled up by 1.64% at 46521 after the dollar fell on dismal U.S. weekly jobs numbers, but recent declines driven by expectations the U.S. Federal Reserve will soon start tapering its economic support kept bullion on track for a quarterly drop.
The number of Americans filing new claims for unemployment benefits increased last week, data showed, which could raise concerns that the labour market is softening.
German inflation accelerated at a record pace in September, data showed, highlighting growing price pressures as Europe’s largest economy recovers from the pandemic and its companies grapple with supply shortages.
Consumer prices, harmonised to make them comparable with inflation data from other European Union countries, rose by 4.1% year-on-year compared with 3.4% in August, the Federal Statistics Office said.
Britain’s economy grew by more than previously thought in the April-June period before what looks like a sharp slowdown more recently as post-lockdown bottlenecks, including a shortage of truck drivers, mount.Gross domestic product increased by 5.5% in the second quarter, the Office for National Statistics said, stronger than its preliminary estimate of growth of 4.8%.
Trading Ideas:
–Gold trading range for the day is 45322-47286.
–Gold rose after the dollar fell on dismal U.S. weekly jobs numbers.
–Prices in recent session declined driven by expectations the U.S. Federal Reserve will soon start tapering its economic support.
–The number of Americans filing new claims for unemployment benefits increased last week, data showed.
Courtesy: Kedia Commodities
Source: Comodity Online
