Gold Silver Reports (GSR) – MCX Gold Prices Ready for Blast Above @30533 Buy on Dips — MCX Gold Prices settled up 0.48% @30670 as Wall Street stocks tumbled and the dollar fell as rhetoric from U.S. President Donald Trump and Chinese officials fed worries about a possible trade war, and after U.S. jobs data came in weaker than expected.
INTRADAY ONLY BUY, No SELLING
MCX Gold prices is getting strong support key @30533 and below same could see a test of 30324 levels and resistance key is now likely to be seen @30820, a move above could see prices testing 30942.
US president Trump threatened to slap $100 billion more in tariffs on Chinese imports, and Beijing pledged a “fierce counter strike”. Support also seen after data showed the U.S. economy in March created the fewest jobs in six months, which might prompt the Federal Reserve to go more slowly on plans to raise interest rates.
Physical gold demand in most Asian hubs was muted in the week, weighed down by stronger prices, despite a slight pick-up in buying in India ahead of the wedding season and a key festival. This month Indians will be celebrating the annual festival of Akshaya Tritiya, when buying gold is considered auspicious.
Dealers in India were offering a discount of up to $3 an ounce on official domestic prices in the week, unchanged from the last week. Premiums in top consumer China hovered around $7 to $8, little changed from the previous week.
Read More: Gold Price Seen ‘Moving North’ as World Fails to Replace Output
Hedge funds and money managers slashed their net long position in COMEX gold in the week to April 3 and boosted their net short position in silver to a record, U.S. Commodity Futures Trading Commission data showed. – Neal Bhai Reports (NBR)
