Gold MCX Support at 28810 – Analysis – 12 April 2017

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Gold Tips - gold forecast

Gold Tips - gold forecastGold Silver Reports — Technically gold market is under fresh buying as market has witnessed gain in open interest by 10.1% to settled at 7282 while prices up 454 rupees.

Now MCX Gold is getting support at 28810 and below same could see a test of 28480 level, And resistance is now likely to be seen at 29372, a move above could see prices testing 29555.   

Gold on MCX settled up 1.58% at 29193 gained tracking firmness from Comex Gold prices which rallied in yesterday session to finish at their highest level since November, jumped almost $20.30 to settled at $1,274.20 an ounce, reaching its highest closing level in five months as US tensions with North Korea and Russia, as well as the upcoming presidential election in France raised investment demand for gold.

Global tensions escalated as Western countries were joined by Middle Eastern allies in a push to isolate Syrian President Bashar al-Assad following a chemical attack in the country last week. Uncertainty about the result of the upcoming French presidential election and possible U.S. military strikes against Syria and North Korea also boosted demand for safe-haven assets among jittery investors.

While Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.21 percent to 838.26 tonnes on Monday from 836.49 tonnes on Friday.

Technically gold price broke through an important resistance level (its 200 dma) on Tuesday, crossing above the $1,260-per-ounce threshold for the first time since November. This represents a five-month high for the yellow metal, which added 0.65% on Tuesday to trade around $1,264/oz. In the week ahead, investors will be eyeing to Friday’s U.S. data on retail sales and inflation ahead of the long Easter weekend.

Gold MCX Support at 28810 – Analysis – 12 April 2017 | Gold Silver Reports