MCX Gold Tips For Today: Gold 55930 to 55704, Profit 40,000 in 2 Lots

MCX Gold Tips For Today

MCX Gold Tips For Today: Spot Gold price extends its consolidative price move for the second successive day on Tuesday and holds steady near an eight-month high touched the previous day. The gold is currently placed just below the $1,888 level as traders keenly await Federal Reserve (Fed) Chair Jerome Powell’s speech for a fresh impetus.

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MCX Gold Tips For Today

Gold Price Analysis: Federal Reserve Chair Jerome Powell’s speech eyed

Spot Gold price

Gold Price Analysis: The US Dollar kicked off the week on the wrong footing on Monday, which allowed Gold price to hit multi-months. China’s reopening optimism and hopes that the US Federal Reserve (Fed) could slow its tightening pace lifted the overall market mood and knocked down the safe-haven United States Dollar. Expectations of a dovish Federal Reserve pivot picked up steam after the United Nonfarm Payrolls data suggested a tight labor market amid a moderation in wage growth.

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Spot Gold price

Gold Forecast: Gold $1,823 Support Breakpoint Zone

Spot Gold price

Gold Forecast: Policymakers, however, remain focused on bringing down inflation and were set to keep interest rates in the US higher for longer. Apart from this, a generally positive risk tone acted as a headwind for the safe-haven gold price (Yellow Metal) and capped the upside. Investors turned optimistic in the wake of the reopening of the Chinese economy. China abruptly dropped ultra-strict curbs on travel and activity despite the continuous rise in new COVID-19 cases.

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Spot Gold price