Gold Silver Reports — Gold MCX Trading Zone Key Level 29480 – 29935 — Technically market is getting support key at 29545 and below same could see a test of 29480 levels and resistance key is now likely to be seen at 29780, a move above could see prices testing 29935.
Gold MCX settled up 0.25% at 29621 as support seen from Rupee weakness prices were little changed in yesterday session fell 20 cents to $1310.60 an ounce after falling in five of the previous six sessions as traders moved to the sidelines ahead of interest rate decision from the Fed.
While no rate change is expected, the Fed will likely begin to unwind its bloated asset sheet. The Fed was widely expected to leave interest rates unchanged at the conclusion of its two-day policy meeting on Thursday. However the U.S. central bank could give indications on when it plans to begin unwinding its balance sheet, as well as on any future interest rate decisions.
Meanwhile from data point the US Commerce Department reported on Tuesday that the number of housing starts unexpectedly fell in August, while building permits unexpectedly jumped. Separate reports showed that US import prices posted their biggest gain in seven months in August, while the current account deficit widened more than expected in the second quarter.
Also sentimental support has been seen for precious metals as concerns over tensions between the U.S. and North Korea remained subdued, although they were susceptible to pick up at any moment.