Commodity Trading Tips for Gold by Kedia Commodity
Commodity Trading Tips for Gold by Kedia Commodity

Gold on MCX settled up 0.12% at 29229 as the dollar reversed losses and political tensions simmered, leaving investor interest in safe havens like the precious metal largely intact. The U.S. dollar took a heavy hit after President Donald Trump told the Wall Street Journal the dollar "is getting too strong" and that he would prefer the Federal Reserve to keep interest rates low. Meanwhile, tensions continued over the United States' relationship with Russia over Syria and in the Korean peninsula, while worries about the upcoming French presidential election also kept investors nervous. Russian President Vladimir Putin said on Wednesday trust had eroded between the United States and Russia under President Donald Trump as Moscow delivered an unusually hostile reception to Secretary of State Rex Tillerson in a face-off over Syria. U.S. import prices recorded their biggest drop in seven months in March as the cost of petroleum declined, but the underlying trend pointed to a moderate rise in imported inflation as the dollar's rally fades. Chinese President Xi Jinping stressed the need for a peaceful solution for the Korean peninsula on a call with U.S President Donald Trump. Goldman Sachs on Wednesday maintained its near-term target for gold at $1,200 per ounce and 12-month target at $1,250 per ounce. Technically market is under fresh buying as market has witnessed gain in open interest by 2.54% to settled at 7467 while prices up 36 rupees, now Gold is getting support at 29165 and below same could see a test of 29101 level, And resistance is now likely to be seen at 29295, a move above could see prices testing 29361.

Trading Ideas:

Gold trading range for the day is 29101-29361.

Gold steadied as the dollar reversed losses and political tensions simmered, leaving investor interest in safe havens like the precious metal largely intact.

President Donald Trump told the dollar "is getting too strong" and that he would prefer the Federal Reserve to keep interest rates low.

Meanwhile, tensions continued over the US relationship with Russia over Syria and in the Korean peninsula and worries about the upcoming French presidential election.




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