Gold MCX Below 28277 Sell Sell Sell Support Key and Target 27820

Gold Silver Reports – Technically Gold market is under fresh selling as market has witnessed gain in open interest by 13.89% to settled at 7471 while prices down 186 rupees.

Gold Silver Buy Karna Mana Hai

Gold MCX is getting support key @28020 and below same could see a test of 27820 levels and resistance key is now likely to be seen at 28384, a move above could see prices testing 28720.   

Gold MCX settled down -0.65% at 28347 prices continued to drift lower with fresh 4-month low amid expectations the Federal Reserve will issue hawkish commentary on interest rates.

Friday data showed the US unemployment rate steadied at 4.1% as expected in November, matching the October reading and holding at the lowest rate since December 2000. While US average hourly earnings rose 0.2% in November, missing expectations of a 0.3% rise, while improving from October’s 0.1% dip, revised from no-change.

The US economy added 228 thousand new jobs in November, beating expectations of 198 thousand, and compared to October’s 244K, revised from 261K. Meanwhile Goldman Sachs has recently projected four Fed rate hikes in 2018, while raising US growth forecasts to 2.5% from 2.4%, and cutting the unemployment rate projections to 3.7%.

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Also Fed policymakers will unveil their forecasts for three-year inflation, unemployment, growth, and interest rates later this week, as market expect them to go ahead of hike rates by 25 basis points in this week’s meeting. In the week ahead investors will be focusing on Wednesday Fed meeting where it is expected to hike rates by a quarter point.

The European Central Bank, Bank of England and the Swiss National Bank are also due to hold monetary policy meetings, although no changes are expected. – Neal Bhai Reports