MCX Gold Price Forecast: Although the yellow metal faces significant downside risks, it also benefits from tailwinds including recession risk, a price-responsive physical market, already scaled-back positioning and elevated inflation.
Gold will have some tailwind on back of recession fears as well as there are reliable signs of economic trouble. US 2 and 10 year yields are inverted by 35bps and 5 year/30 year by 5 basis point. If the Fed increases by 50 bps this September then we may see some short covering in gold prices. In the short term, the gold price will get its direction from macro data, especially the employment report. Gold and Buy on Dips
MCX Gold Price Forecast: As Expected Gold Hit Full Tatget 50,587 – Neal Bhai Reports
Gold 307 Points Done
MCX Gold Profit 60,000 in 2 Lots
Buyers emerged once again near $1690 as previously too we saw gold taking support around that level. However breach below $1690 will take it to $1673 and $1650. In the near term, because of the Fed’s commitment of aggressive rate hike which is pushing US Treasury yield higher and US Dollar stronger, all asset classes are bearing the brunt of selling pressure.
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