3:30 PM
alphaadvisory
On the MCX, gold for April delivery has support at 30500, if the
commodity falls below the level then it may reach 30300 level. The
resistance is now likely to be seen at 30700, a move above could see
prices testing 30900 levels.
Traders who are holding long position in gold April contract should maintain stop loss of 30500 for the day. Intra-day traders should wait and watch till US data arrives before entering into short term trades.
Gold for April delivery gained by minor change this morning in international as well as in local market. Technical selling and lack of buying in yellow metal exists due to the US non farm payroll release today.
The US non farm payroll is forecasted to be positive for USD and negative for bullion.
After the unexpected shrinking of US economy in the fourth quarter yellow metal climbed to two week high near $ 1680 an ounce in this week. After the Federal Reserve pledged to maintain a monthly $85 billion bond buying program the commodity holded the gains.
In January, spot gold repeated failure to rise above major resistance at $1,700 triggered by technical selling. For a close look at the US labour market, investors are now waiting for non farm payrolls data release today.
Physical gold purchases lost steam this week as stockpiling in China and other Asian markets drew to a close due to Lunar New Year. With ample inventories Indian buyers also remained on the sidelines of the market.
Traders who are holding long position in gold April contract should maintain stop loss of 30500 for the day. Intra-day traders should wait and watch till US data arrives before entering into short term trades.
Gold for April delivery gained by minor change this morning in international as well as in local market. Technical selling and lack of buying in yellow metal exists due to the US non farm payroll release today.
The US non farm payroll is forecasted to be positive for USD and negative for bullion.
After the unexpected shrinking of US economy in the fourth quarter yellow metal climbed to two week high near $ 1680 an ounce in this week. After the Federal Reserve pledged to maintain a monthly $85 billion bond buying program the commodity holded the gains.
In January, spot gold repeated failure to rise above major resistance at $1,700 triggered by technical selling. For a close look at the US labour market, investors are now waiting for non farm payrolls data release today.
Physical gold purchases lost steam this week as stockpiling in China and other Asian markets drew to a close due to Lunar New Year. With ample inventories Indian buyers also remained on the sidelines of the market.
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