Join WhatsApp

Join Now

Join Telegram

Join Now

MCX Gold Sell 57350—57450 (Sell 50—100 Lots) or So Jaao Target 500—1000—1500 Points

  • MCX Gold Tips For Today: Sell 57350—57450 (Sell 50—100 Lots) or So Jaao Target 500—1000—1500 Points. Trading Tips By Neal Bhai, INDIA

Gold Price is two-way over the European Central bank interest rate decision. The initial reaction to the 50 basis point Refinancing Rate hike was a drop to test $1,907 before returning to $1,932. 

ECB Rate Hike 

  • Main refi rate at 3.50% vs 3.00% prior.
  • Raises interest rate on marginal lending facility to 3.75% vs 3.25% prior.
  • Deposit facility to 3.00% vs 2.50% prior.

ECB statement key notes

  • Refrains from signalling future rate moves in statement.
  • Inflation projected to remain too high for too long.
  • Headline inflation expected to average 5.3% in 2023, 2.9% in 2024 and 2.1% in 2025.
  • Forecasts done before market turmoil.
  • Elevated level of uncertainty reinforces importance of a data-dependent approach to ECB policy decision, which will be determined by its assessment of inflation outlook in light of incoming data and dynamics.
  • Banking sector sector is resilient, with strong capital and liquidity positions
  • Policy toolkit is fully equipped to provide liquidity support to eurozone financial system if needed.

Meanwhile, markets are now pricing the terminal rate at 3% and the Euro is under pressure.

Markets will now turn to the ECB Governing Council Press Conference:

Spot Gold Technical Forecast

The Gold price broke the structure to the upside on Wednesday and we are seeing some consolidation of that. However, should the support near a 61.8% Fibonacci retracement hold, then with bullish commitments, we could see an extension of the bullish trend unfold in the coming hours/sessions with $1,942 eyed.

Spread the love

Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

1 thought on “MCX Gold Sell 57350—57450 (Sell 50—100 Lots) or So Jaao Target 500—1000—1500 Points”

Leave a Comment