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MCX Gold Tips: Gold will stay Positive Today
Gold prices at COMEX rebounded Wednesday to recoup much of Tuesday’s big loss as the reality of the U.S. government shutdown sank in and the debt-ceiling battle loomed on the horizon. Gold also found support following disappointing data on U.S. private-sector employment. Data showed private-sector jobs rose by 166,000 in September, which was below forecasts, and August’s job gains were revised down.
Some physical buyers of precious metals see the recent drop in gold prices as a “huge opportunity, especially in view of the U.S. budget crisis and the impending U.S. debt limit crisis,” And among gold’s supportive factors was “overall safe-haven flows” into assets such as U.S. bonds and the Japanese yen.
Earlier, Gold at international bourses traded near two-month low on Wednesday as the first US government shutdown in 17 years caused investors to sell the precious metal, prompting already jittery traders to believe there could be more liquidation.
MCX Gold Tips
Technically the trend of MCX gold futures is consolidate to bullish and is expected to continue with the trend for the day. we suggest that MCX Gold has a consolidate trend with a strong support at 29750-29820 range and resistance at 30250-30300 range. Buy on dip has been suggested with a stop loss of below 29750.
COMEX Trend with MCX Bullion Updates
Bullion Updates:
Gold slumped heading for its biggest weekly loss in more than two months, on speculation the U.S. Federal Reserve will taper asset purchases and as Goldman Sachs Group Inc. predicted further declines. Bullion for immediate delivery fell as much as 1 percent to $1,308.18 an ounce. Spot Gold is currently trading at $1315.60. MCX Gold Oct is currently at Rs. 29774, it is trading down by 273 points for the day. Comex Silver is currently trading at $21.78 whereas MCX Silver Dec is currently trading at Rs. 49773.
Comex Trend:
Federal Reserve Chairman meeting next week are poised to take two steps that appear inconsistent. They will probably lower their estimates for growth for this year and next for the third consecutive time. Simultaneously, they are forecast to start scaling back the $85 billion in monthly bond purchases they have been relying on to stoke the recovery. Borrowing costs increased on the mere mention at Bernanke’s last press conference, following the June policy meeting, of a tapering of bond purchases sometime this year.
