Gold Silver Reports – Gold MCX Buy on Dips Support Key Level at 28420—28301 – Technically Gold market is under fresh buying as market has witnessed gain in open interest by 1.26% to settled at 6889 while prices up 88 rupees.
Gold MCX Intraday Support & Resistance Level
Gold MCX is getting support at 28420 and below same could see a test of 28301 levels and resistance key is now likely to be seen at 28555, a move above could see gold prices testing 28620.
Gold on MCX settled up 0.31% at 28493 as U.S. data showing solid home sales but a fall in mortgage applications pushed the dollar to a two-week low. Gains were limited by a rise in U.S. bond yields to nine-month highs after the Senate passed the country’s biggest tax reforms in 30 years.
A weaker dollar makes gold cheaper for holders of other currencies, which can stimulate demand, but higher bond yields reduce the appeal of non-yielding bullion. President Trump tweeted that he will hold a press conference on Wednesday in case the plan was finally approved in the House.
The Senate passed the tax reform bill, and if the House of Representatives passes it as well today – as expected, it will go for President Donald Trump to sign into law.
Goldman Sachs looks for gold prices to slide to around $1,200 a troy ounce in the middle of 2018 as general marketplace fears subside, but then to rise to $1375 by the end of 2020 as demand from emerging-market nations grows.
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Goldman called for silver to fare better than gold, rising by the end of 2018. The precious-metals forecasts were included in a commodities outlook released Tuesday, with Goldman describing itself as bullish on commodities as an asset class in 2018.
Now markets await US existing home sales data, expected to have risen to 5.53 million units in November from 5.48M in October.
