Gold Silver Reports (GSR) – Gold fell pressured by a stronger dollar, but worries over slowing global economic growth and the spectre of another U.S. government shutdown kept the safe-haven metal above the key $1,300 level.
The U.S. Federal Reserve said it would be patient on further rate hikes, while the European Central Bank sounded less certain that it would start tightening policy later this year.
MCX Gold support level @33011 and below same could see a test of 32910 levels and resistance level is now likely to be seen @33333, a move above could see prices testing 33480.
The Bank of England looks set to trim its forecasts for Britain’s already sluggish growth, reflecting the approach of a still uncertain Brexit in just 50 days’ time and a slowdown in many of the world’s big economies.
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There are concerns over growth, disappointing earnings reports and another possible U.S. government shutdown in the wake of President Donald Trump’s State of the Union address.
Reflecting lacklustre sentiment, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell for a fourth straight session.
The U.S. Commerce Department’s Bureau of Economic Analysis said it would publish its advance fourth-quarter gross domestic product report on Feb. 28.
The release of the report was initially scheduled for Jan. 30, but was delayed because of the 35-day partial shutdown of the federal government that ended on Jan. 25.
