MCX Gold Under Fresh Buying Strong Support Key 29260

Gold Silver Reports — Technically Gold market is under fresh buying and getting support at 29424 and below same could see a test of 29260 levels, and resistance is now likely to be seen at 29888, a move above could see prices testing 30112.   

Gold MCX settled up 0.54% at 29662 extended their climb into a third session in a row Tuesday the highest closing price of the year on short covering and as a North Korean missile launch over Japan’s airspace rekindled geopolitical tensions in the region and sparked a flight to haven assets.  

Also the Dow raced back into positive territory despite tensions between North Korea, its neighbors and the West. North Korea fired a ballistic missile over Japan’s northern Hokkaido island into the sea, weeks after threatening the U.S. territory of Guam.

Earlier in the day Gold prices gained towards the day’s high of 29937, paring gains in the wake of upbeat economic data. US consumer confidence strengthened in August to the second highest level since late 2000. The advance came after North Korea fired a ballistic missile across northern Japan, in what Japanese Prime Minister Shinzo Abe called an “unprecedented, grave and serious threat that seriously damages peace and security in the region.”

Read More:— Silver MCX Intraday Trading Zone Key 39444—40866

Tensions between Pyongyang and the U.S. and its allies—including Japan—have been running high most of the summer, stoking fears of a potential nuclear clash. President Donald Trump has previously said the U.S. would react with “fire and fury” if Pyongyang stepped up threats against the U.S. and its allies.

Meanwhile sentiment on gold, however, remains positive as net bullish bets on gold rose to the highest in nine-months, according to a report from the CFTC on Friday. Hedge funds and money managers again raised their net long stance in gold, upping it by 16795 contracts to 196331 contracts, the data showed.

MCX Gold Under Fresh Buying Strong Support Key 29260 | Neal Bhai Reports | Gold Silver Reports

MCX Gold Under Fresh Buying Strong Support Key 29260 via @goldsilverrepor
  • Save

Leave a Comment

Share via
Copy link