Gold / Silver Sell 100 – 200 – 500 Lots and So Jaao………. Big Down Fall Expected – Neal Bahi
MCX Gold Below 39300 Sell Sell Sell – Sell 1000–500 Lots
MCX Silver Below 49700 Sell Sell Sell – – Sell 1000–500 Lots
Gold gained benefiting from the dollar’s weakness and on heightened fears of a global recession, as well as uncertainties around the Sino-U.S. trade spat and Brexit.
U.S. manufacturing activity contracted for the first time in three years in August, data showed, renewing fears of a sharp economic slowdown and weighing on risk sentiment. On the trade front, U.S. President Donald Trump’s threatened that he would be “tougher” on Beijing in the second term if talks dragged on.
The Federal Reserve should use its meeting in two weeks to aggressively cut interest rates, one U.S. central banker said. Less than an hour later, a second U.S. central banker said he saw no need to use up the Fed’s precious firepower when the economy is growing, inflation looks stable and labour markets are in good shape. India’s gold imports in August plunged 73% from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import duty curtailed retail purchases of the precious metal.
India imported 30 tonnes of gold in August, down from 111.47 tonnes a year ago, the source said, who was not allowed to speak to the media. In value terms, the country’s imports in the month fell 62% to $1.37 billion. Traders have almost fully priced in a 25 basis point interest rate cut at the Federal Reserve’s meeting later this month, according to FedWatch tool. Gold on MCX settled up 0.36% at 39823.
