Gold On MCX Settled Down -0.33% At 28719


Gold on MCX settled down -0.33% at 28719 as investor appetite for riskier assets surged on renewed optimism over the U.S. economy and as political uncertainty in France receded, softening demand. President Donald Trump unveiled a one-page plan proposing deep U.S. tax cuts, many for businesses, that would make the federal deficit balloon if enacted, drawing a cautious welcome from fiscal conservatives and financial markets.

While the proposed tax cuts would please those helped by them, such as multinational corporations and wealthy taxpayers, Trump's package fell far short of the kind of comprehensive tax reform that both parties in Washington have sought for years. The European Central Bank is set to keep its ultra-easy policy stance firmly in place on Thursday but may acknowledge better growth prospects, setting the stage for a small signal as early as June about an eventual reduction of stimulus.

The Bank of Japan is set to keep monetary policy steady on Thursday and signal its conviction the country's economic recovery is gaining momentum, taking heart from renewed optimism over the global economy as political concerns in France ebb. The Trump administration said on Wednesday it aimed to push North Korea into dismantling its nuclear and missile programs through tougher international sanctions and diplomatic pressure, and remained open to negotiations to bring this about.

Technically market is under long liquidation as market has witnessed drop in open interest by -2.37% to settled at 5733 while prices down -95 rupees, now Gold is getting support at 28645 and below same could see a test of 28572 level, And resistance is now likely to be seen at 28806, a move above could see prices testing 28894.    
 
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Suhani Verma

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