Gold Forecast: The price of gold has stalled at the start of the week which could encourage the bulls to take profits in anticipation of a significant correction to test prior resistance on the daily chart. At the time of writing, gold is losing over 0.20% and has dropped to test the low of $1,860.99 so far. $1,860 is a key level on the hourly chart.
Neal Bhai
Gold Price in India Flipped After Festival – Gold Silver Reports
Gold price in India flipped into discount this week after festival buying came off. Dealers offered a discount of up to $2 an ounce over official domestic prices this week, down from last week’s premium of $1.5, news agency Reuters reported. Dhanteras and Diwali was celebrated earlier this month when buying gold is considered auspicious.
Spot Gold Hold Above $1,850 level ahead of US Data
Gold (Yellow Metal) Reports: Spot gold is holding the lower ground just above $1,850, maintaining its consolidative mode after facing stiff resistance near the $1,868 region. The improving market mood appears to be weighing down on gold price, as the bulls fail to benefit from a broad retreat in the US dollar from yearly highs.
Powell And Gold – The Fed May Announce Tapering in November
Powell And Gold – The Fed could announce tapering as soon as November. It all depends on whether the substantial further progress test for employment will be met or not. For Powell it is now “all but met”, even though it could happen as soon as the next meeting. After all, many of the FOMC members believe that this test has already been met:
RailTel Terminates Zee Subsidiary Contract
- RailTel Corporation of India Ltd. terminates contract awarded to Margo Networks, a subsidiary of Zee Entertainment Enterprises Ltd.
- The contract pertained to providing Content on Demand service in all mail/express and suburban trains and Wi-Fi enabled railway stations.
- Zee Entertainment said its subsidiary has initiated appropriate legal proceedings against the notice of termination.