MCX Gold Below 31700 Level Big Down Side Expected – Sell on Rise – Neal Bhai
Some analysts are bullish on gold for 2019, given weakening US dollar outlook and expectations of slower pace of rate hikes from Fed. “Weakening US dollar outlook and very dovish pivots from the Fed, a lot of uncertainty boxed around equity markets.
Spot gold is biased to retest a resistance @ $1,253 per ounce, a break below trading range of $1,240—$1,227.
It can still turn quite negative, so this is why gold remains a good hedge against a lot of market risks,” said Stephen Innes, APAC trading head at OANDA in Singapore. “very bullish on gold in this setup into 2019.”
The dollar index, a measure of the greenback’s strength versus a group of six major peers, edged lower after rallying in the previous session as a vote on Brexit deal was postponed.