Gold Silver Reports – Technically Gold market is under fresh selling as market has witnessed gain in open interest by 9.61% to settled at 5860 while prices down 262 rupees.
GOLD SILVER BUY KARNA MANA HAI
Gold MCX is getting support key 29030 and below same could see a test of 28944 levels and resistance key is now likely to be seen at 29334, a move above could see prices testing 29460.
Gold prices on MCX settled down -0.89% at 29133 prices fell in yesterday’s session as the dollar rallied upon the passage of significant US tax reform. Over the weekend, the Senate voted 51 to 49 in favor of the bill known as the Tax Cuts and Jobs Act.
However, President Donald Trump now says he may prefer a higher corporate rate than the one Senate Republicans passed. “Business tax all the way down from 35 to 20,” Trump said “It could be 22 when it all comes out, but it could also be 20. We’ll see what ultimately comes out.”
As US senators passed a tax by narrow by a 51-49 vote, stoking investor hopes of a fiscal boost to the U.S. economy, spurring a rally in the dollar, which pressured demand for gold. The Senate and the House of Representatives is expected to get talks underway this week to reconcile their respective bills.
Rising investor hopes on tax reform comes as the Federal Reserve entered its blackout period ahead of the Dec. 12-13 meeting amid expectations that the central bank will raise rates for the third time this year.
According to traders expectation the Federal Reserve to raise rates in December. In the week ahead, investors will be continuing to focus on U.S. political developments. Economic data will also be in the spotlight, with market watchers looking ahead to Friday’s U.S. nonfarm payrolls report for November. Interest rate reviews in Australia and Canada will also be closely watched. – Neal Bhai Reports