Gold Silver Reports – Gold MCX Guru Neal Bhai Gold Sell Karna Mana Hai, Trading Zone 29808—30510 —— Technically now Gold is getting support at 29980 and below same could see a test of 29808 levels and resistance is now likely to be seen at 30494, a move above could see prices testing 30510.
Gold MCX Guru Neal Bhai Gold Sell Karna Mana Hai
Gold prices pared gains as the U.S. dollar strengthened when President Donald Trump talked up a stronger greenback. The dollar reversed earlier losses and U.S. stocks relinquished gains after Trump told in an interview in Davos, Switzerland that he wants to see a strong dollar.
The dollar plunged to a three-year low against a basket of major currencies after the U.S. treasury secretary said he welcomed a weaker greenback. The lower dollar could also drive prices higher in the United States and increase demand for gold as a hedge against inflation.
Holdings of gold in ETFs and bets by funds on higher gold prices on the Comex exchange have surged in recent weeks. China’s net gold imports via main conduit Hong Kong slipped 12.20 percent in December from the previous month, data showed.
The imports via Hong Kong by the world’s top consumer of the metal fell to 31.221 tonnes in December from 35.554 tonnes in November, according to data by the Hong Kong Census and Statistics Department. Total gold imports via Hong Kong also dropped to 34.326 tonnes in December from 37.121 tonnes in November.
Read More: Silver MCX Sell Karna Mana Hai, Silver MCX Outlook By Neal Bhai Trading Zone 39220-40442
Hedge funds and money managers raised their net long position in COMEX gold contracts in the week to Jan. 23, U.S. Commodity Futures Trading Commission (CFTC) data showed. Gold speculators raised their net long position by 7,862 contracts to 211,829 contracts in the week to Jan. 23, CFTC said. It marked the sixth consecutive week in which speculators raised their net long position in gold, and bullion’s net long position hit the highest since September 2017. – Neal Bhai Reports
