Gold MCX Above 30000 Start Buying, Target 30480—30570

Gold Silver Reports — Gold MCX Above 30000 Start Buying, Target 30480—30570 — Technically Gold market is under fresh buying as market has witnessed gain in open interest by 0.6% to settled at 5859 while prices up 338 rupees.

Gold MCX is getting support key 30000 and below same could see a test of 29710 levels and resistance key is now likely to be seen at 30470, a move above could see prices testing 30570. 

Gold on MCX settled up 1.13% at 30249 as investors sought insurance againstpossible inflation after U.S. TreasurySecretary Steven Mnuchin welcomed a weaker dollar. The dollar index touched three-year lows after Mnuchin said a softer dollar was good for the United States.

U.S. President Donald Trump was due to speak on Friday at the World Economic Forum in Davos, Switzerland. Investors are concerned he will use the speech to signal a more protectionist policy stance. The immediatefocus was on the ECB’s policy setting meeting later in the global day as markets look for any signs that the central bank is worried about the rapidly appreciating euro.

The euro zone economy may be roaring ahead but a rapidly strengthening euro may see European CentralBank President Mario Draghi pour cold water on the view the bank is speeding towards an interest rate hike.

Read More: Gold Silver Mat Karna Sell Gold Target $1392—$1410, Silver Target $18.20—18.60

Meanwhile, renewed geopolitical uncertainty triggered modest safe-haven demand, which further supported upside momentum in the yellow metal. CommerceSecretary Wilbur Ross claimed that China’s tech ambitions under its 2025 were a “direct threat” that is being implement “by disrespect for intellectual property rights” among other “very bad things.”

Markets expect an increase to U.S. interest rates in March, which wouldincrease the opportunity cost of holding non-yielding bullion while boosting the dollar, in which gold is priced. – Neal Bhai Reports

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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

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