![MCX Gold to Trade Sideways: Support at Rs 50300 [29-Aug-2022]](https://www.goldsilverreports.com/wp-content/uploads/2021/03/jewellers-shop-14032021.webp)
Spot gold kept positive tone on Thursday despite warning technical signal of indecision and possible stall from Wednesday’s long-legged Doji candle.
The metal remains supported by fears of rising inflation which dominates in the near-term picture and offset concerns about Fed’s talks about tapering bond purchases, while fresh weakness of dollar added to positive tone.
Read More: Spot Gold Prices Today Slip After Kissing 3-Month High, Silver Rates Down
An uptrend from $1676 double-bottom generated strong bullish signal on Monday’s close above pivotal barriers at $1847/51 (200DMA / Fibo 61.8% of $1959/$1676 bear-leg) with today’s formation of 10/200DMA golden-cross, further underpinning the action.
Bulls pressure weekly cloud top ($1899) and eye barriers at $1890/$1903 (76.4% of $1952/$1677 / psychological) break of which would further boost the action and expose next key level at $1922 (Fibo 61.8% $2074/$1676).
Broken Fibo resistance at $1851 reverted to strong support which so far holds and keep bulls fully in play.
Spot Gold was fishing in troubled waters on Thursday with the yellow metal trading in the red. The international prices of gold and silver inched downwards on hopes of an economic recovery in the US. The optimism was on the back of ‘tapering’ talk from the US Federal Reserve which boosted US Dollar and treasury yields in the world’s largest economy.
Taking global cues the Indian Commodity market was also was down today. At 5:20 pm, MCX June Gold Futures were trading at Rs 48,455 per 10 gm. The price was down by almost Rs 220 or 0.45 per cent from the previous closing price on Wednesday. Meanwhile, MCX July Silver Futures were also trading negatively around this time. It was lower by almost 0.40 per cent or Rs 258 per kg, trading at Rs 72,116.
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