MCX Gold Update: Gold Rises on Dovish US Fed Commentary, Resistance at Rs 53,080

FOMC meeting minutes Outlook: Gold price got some booster yesterday after FOMC meeting minutes tilted slightly dovish on US monetary policy. Some Fed officials were worried the Fed could be tightening monetary policy more than necessary.

• China-linked market fears, Thanksgiving holiday can allow yellow metal to pare recent gains.
• Red Alert: Thanksgiving Day in United States may Test Gold bulls
• Softer United States statistics also drowned the US Dollar, as well as propelled Gold price.
• Gold price cheers softer US Dollar as Federal Reserve Minutes spot ‘pivot’ discussions
• Gold price grinds higher following a rebound from the key support.
• United States statistics also fuelled the Gold price advances
• Federal Reserve Minutes appeared dovish as policymakers weighed softer interest rate hikes, pivot point.

USD dropped sharply lower which helped both gold and silver to gain. Despite the gain, there are still headwinds as Fed terminal rate remains the same as the Minutes showed that some committee members expect the Fed Funds rate to end higher than previous projections.  Gold is again above $1755 in COMEX at the time of writing and with the US market closed today, we don’t anticipate any major moves.  Today’s intraday strategy should be buy on dips with stoploss of 52400 and expected target of 52780.

Gold Price Forecast

Gold rate was positive on Thursday as a result of positive global trends, while silver rate was up 1.16%. On Multi Commodity Exchange, gold December futures were trading at Rs 52,648 per 10 grams, up Rs 244 or 0.47%. Silver December futures were trading Rs 715 up at Rs 62,218 per kg on MCX. Globally, the yellow metal settled above the key $1750 level as the minutes of the US Fed’s policy meeting suggested a dovish approach for future rate hikes, according to Reuters. Spot gold rose 0.3% to $1,753 per ounce. US gold futures advanced 0.5% to $1,756.70.

Intraday Gold and Silver Prices Report

Gold and silver prices rebounded from intraday lows after the dollar fell against its major crosses as the Fed meeting minutes suggest that the central bank was less hawkish as compared to expectations. A “substantial majority” of Fed policymakers agreed it would “likely soon be appropriate” to slow the pace of interest rate hikes. The minutes also showed an emerging debate within the Fed over the risks that rapid policy tightening could pose to economic growth and financial stability, even as policymakers acknowledged there had been little demonstrable progress on inflation and that rates still needed to rise.

Today, volatility could remain low in the latter half of the day as the US market remains shut on account of Thanksgiving day holiday. We expect the gold to trade with a positive bias and quote in the trading zone of 52,400 and 53080.

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