Gold Silver Reports – Gold MCX Start Fresh Buying For Target 30777—31030 – Technically Gold market is under fresh buying as market has witnessed gain in open interest by 14.84% to settled at 9171 while prices up 480 rupees.
Gold MCX is getting support key at 30072 and below same could see a test of 29740 levels and resistance key is now likely to be seen at 30720, a move above could see prices testing 31030.
Gold on MCX settled up 1.6% at 30446 as sentiment on the greenback remained vulnerable despite upbeat U.S. data and a hawkish outlook by the Federal Reserve. The U.S. Federal Reserve held interest rates unchanged but raised its inflation outlook and flagged “further gradual” rate increases.
A survey showed eurozone manufacturing continued to boom last month, supporting expectations that the European Central Bank is on track to normalise monetary policy. Stronger-than-expected jobs data, lower unemployment and higher wages would signal strength in the economy, and could in turn strengthen the dollar and pressure gold.
Gold consumption in China grew by 9.41 percent from the previous year to 1,089 tonnes in 2017, state television CCTV reported, citing figures from the China Gold Association. India said it expected economic growth to surge above 8 percent as it announced a 2018/19 budget that allocated billions of dollars for rural infrastructure and unveiled a health insurance programme for around 500 million poor.
U.S. fund investors cashed out of cash funds and stocked up on stocks in the latest week, ignoring a setback in markets and taking on more risk. Traders are looking to the U.S. government’s jobs report on Friday. Nonfarm payrolls probably rose by 180,000 jobs in January after increasing 148,000 in December, according to survey. The unemployment rate is forecast to be unchanged at a 17-year low of 4.1 percent. Goldman Neal Bhai Reports