Gold MCX Support Levels at 29170

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Gold Tips - gold forecast

Gold Tips - gold forecastGold Silver Reports — Technically Gold market is under fresh selling as market has witnessed gain in open interest by 1.27% to settled at 6784 while prices down 10 rupees.

Now MCX Gold is getting support at 29170 and below same could see a test of 29070 level, And resistance is now likely to be seen at 29334, a move above could see prices testing 29444.  

Gold held steady with tensions surrounding upcoming French elections on Sunday underpinning the safe-haven demand. New applications for U.S. jobless benefits rose slightly more than expected last week, but a drop in the number of Americans on unemployment rolls to a 17-year low suggested the labour market continues to tighten.

Dallas Federal Reserve President Robert Kaplan said on Thursday that two more interest rate hikes this year remains possible but that the U.S. central bank has the flexibility to wait and see how the economy unfolds.

Polls ahead of the two-round French presidential vote, which begins this weekend, give both far-right and far-left candidates a chance of making it into next month’s run-off, though centrist candidate Emmanuel Macron is shown in the lead.

Security concerns took centre stage on Friday in the last days of France’s tight presidential race in the wake of a shooting in Paris which killed one policeman. The Trump administration had a simple but stark message for world financial leaders who gathered in Washington on Thursday amid worries about rising U.S. protectionism: fair trade means tit-for-tat tariffs.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.76 percent to 854.25 tonnes on Thursday from Wednesday. Gold prices in India were at a premium this week as jewellers raised purchases ahead of a key festival, while higher prices kept bullion demand in check elsewhere in Asia.

Gold MCX Support Levels at 29170 | Gold Silver Reports