daily trading calls

Gold on MCX settled up 0.32% at 29437

Posted on Nov 08, 2017 by kc_admin

Gold on MCX settled up 0.32% at 29437 as prices remained supported on safe-haven buying following concerns over the arrests of some Saudi royal family members. Investors bet that monetary policy would continue to diverge between the United States and the euro zone.  Gold also drew support from jitters linked to U.S. President Donald Trump’s trip to the Far East. Trump’s visit to South Korea could provide gold with some support in coming days. Gold imports by India, the world’s biggest consumer after China, dropped 31 percent last month from a year earlier, according to a person familiar with the information. Inbound shipments fell to 66.8 metric tons in October, from 96.7 tons, said the person, who asked not to be identified because the data aren’t public. The figure would leave imports for the first 10 months at 777.1 tons, still 91 percent higher on the year, according to data. Demand for physical gold was lacklustre in top consumers India and China this week, while the lure of the metal remained stable in Singapore, but India’s peak wedding season is expected to usher in renewed interest for bullion in coming weeks. Gold is considered an essential part of weddings in India, second-biggest consumer of the metal in the world after China, and it is a popular gift on such occasions.  China’s gold reserves were unchanged at 59.24 million ounces in October from the previous month, the central bank said on Tuesday. Technically market is under fresh buying as market has witnessed gain in open interest by 1.49% to settled at 5671 while prices up 93 rupees, now Gold is getting support at 29346 and below same could see a test of 29254 level, And resistance is now likely to be seen at 29500, a move above could see prices testing 29562.

Trading Ideas:

#             Gold trading range for the day is 29254-29562.

#             Gold prices remained supported on safe-haven buying following concerns over the arrests of some Saudi royal family members.

#             Investors bet that monetary policy would continue to diverge between the United States and the euro zone.

#             China’s gold reserves were unchanged at 59.24 million ounces in October from the previous month, the central bank said