Gold MCX Upside Resistance Level at 29110

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Gold Silver Reports ✅ — Technically gold market is under fresh selling as market has witnessed gain in open interest by 1.79% to settled at 6754 while prices down 84 rupees.

Now MCX Gold is getting support at 28554 and below same could see a test of 28342 level, And resistance is now likely to be seen at 29110, a move above could see prices testing 29270.

Gold on MCX settled down 0.29% at 28721 pressured by a firmer dollar on the back of upbeat U.S. unemployment data and as some investors sold to redeem profits. Gold was pressured as new applications for U.S. unemployment benefits last week recorded their biggest drop in nearly two years.

The dollar index extended gains after data showed new applications for U.S. unemployment benefits last week recorded their biggest drop in nearly two years. Those claims, however, will have no bearing on March U.S. non-farm payrolls data on Friday, which could be key for short-term direction of the gold market.

Investors were also cautious ahead of the meeting between U.S. President Donald Trump and Chinese President Xi Jinping due later on Thursday, the first between the world’s two most powerful leaders.

It would make sense if the U.S. economy continues to grow for the Federal Reserve to begin trimming its $4.5 trillion balance sheet towards the end of this year, unwinding extraordinary stimulus deployed during the crisis, John Williams, president of the San Francisco Federal Reserve Bank said.

The Fed’s decision to reduce its massive asset holdings will set off a complex dance with global investors and the U.S. Treasury as it tries to put a final end to policies used to fight the 2007 financial crisis without upending the economy along the way.