Neal Bhai Reports ~ Bullion Profit Booking at Higher Levels can be seen later today. Furthermore movement of local currency rupee can give direction in MCX.
Gold can move in range of 27400-27800 and Silver can move in range of 35300-36400 in MCX. Spot gold slipped on Monday from near a three-month top hit the session before, after a solid U.S. jobs report strengthened the dollar and potentially boosted the chance of rate hikes this year. U.S. employment gains slowed more than expected in January as the boost to hiring from unseasonably mild weather faded, but rising wages and an unemployment rate at an eight-year low suggested the labor market recovery remains firm. China’s January exports may have fallen for a seventh month with factories still battling falling prices, but an expected jump in bank lending may underscore the government’s bid to put a floor under the slowing economy. Hedge funds and money managers boosted their bullish bet in COMEX gold to a three-month high in the week to Feb. 2, U.S. Commodity Futures Trading Commission data showed on Friday. ~ Gold Silver Reports