Monday, 31 July 2017

Gold trading range for the day is 28323-28723

Gold prices fell in Asia on Monday as investors eyed demand prospects in China as a tad weaker than expected after official manufacturing and services PMI estimates for July.

Gold for August delivery eased 0.06% to $1,267.69 a troy ounce on the Comex division of the New York Mercantile Exchange. For last week, the precious metal was up 1.08%, its third consecutive weekly gain.

Gold on MCX settled up 0.37% at 28580 after weaker than expected U.S. inflation dampened expectations that the U.S. Federal Reserve will aggressively raise interest rates and North Korea fired a ballistic missile, triggering safe-haven buying. 

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Technically market is under short covering as market has witnessed drop in open interest by -23.39% to settled at 3472 while prices up 104 rupees, now Gold is getting support at 28451 and below same could see a test of 28323 level, And resistance is now likely to be seen at 28651, a move above could see prices testing 28723.

                              Trading Ideas
* Gold trading range for the day is 28323-28723.

* Gold prices rose after weaker than expected U.S. inflation data and North Korea fired a ballistic missile, triggering safe-haven buying.

* Data on U.S. second quarter gross domestic product (GDP) and labor costs also pushed the dollar lower.

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  2. Gold is very sensitive to moves superior in both United State rates and the dollar. A weaker dollar creates gold less costly for holders of the foreign currency, while an increase in U.S. prices lifts the chance cost of holding non yielding property like as bullion.

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