Gold MCX Buy on Dips, Intraday Support Key 28024

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Gold Silver Reports – Technically Gold market is under short covering as market has witnessed drop in open interest by 2.28% to settled at 7382 while prices up 53 rupees.

Gold MCX is getting support key at 28024 and below same could see a test of 27860 levels and resistance key is now likely to be seen at 28440, a move above could see prices testing 28530. 


Gold on MCX settled up 0.19% at 28195 and trend remains positive as the Federal Reserve hiked interest rates but hinted at a “wait-and-see” approach to further rate hikes.

As expected, the Fed raised the benchmark U.S. interest rate to a range of 1.25% to 1.5%. However, the Fed maintained earlier forecast for just three 1/4-point rate hikes in 2018. Concerns about stubbornly low inflation prompted the cautious outlook.

Underlying U.S. consumer inflation slowed in November, held down by weak healthcare costs and the biggest drop in apparel prices in nearly two decades, which could impact the pace at which the Federal Reserve raises interest rates next year.

Read More: India’s ‘Grey Market’ in Gold Jumps 80% on Tax, New Rules

The European Central Bank is likely to bump up some of its economic forecasts on Thursday and may debate tweaking its pledge to keep money at its current, ultra-easy level, but will ultimately reaffirm is policy stance.

Congressional Republicans reached a deal on final tax legislation, clearing the way for final votes next week on a package that would slash the U.S. corporate tax rate to 21 percent and cut taxes for wealthy Americans.

UK Prime Minister Theresa May’s government was defeated, when lawmakers forced through changes to its Brexit blueprint that ministers said could endanger Britain’s departure from the European Union. – Neal Bhai Reports