Gold Forecast Today, Gold Price Outlook, Gold Trading Tips: Last 2 days Yellow Metal (Gold) gain can be attributed to weakness in the US Dollar. The US dollar came lower after U.S. private payrolls fell for the first time in a year in January as soaring COVID-19 infections disrupted business operations.
Investor focus now shifts to European Central Bank and Bank of England meetings on Thursday for cues on the pace of monetary policy tightening amidst soaring inflation. Labor market weakness could be short-lived as the COVID-19 omicron wave starts to wane and weak Non-Farm payroll on Friday will not impact Fed’s plan to tighten their monetary policy. We expect gold to trade in the range of 47750—48350. Trend is neutral to bullish with buy on dips strategy advised for intraday.
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Spot Gold Trading Tips and Range
Gold Forecast Today: Yellow Metal are trading in range near $1804 per ounce this week fluctuating on dollar move with lack of fresh triggers. Prices have capped upside post US FOMC meeting with rate hike expectations in March. The softer dollar on weak US data and geopolitical risk has kept risk premiums high.
We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1780 and resistance at $1824 per ounce. MCX Gold Trading April support lies at Rs. 47750 and resistance at Rs. 48350 per 10 gram.
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