Gold Traded In Range In Thin Holiday Trade

Gold traded in range in thin holiday trade and settled flat at 28900, with a softer dollar and a retreat in stock markets helping the metal cling on to the previous session's gains. Gold hit its highest since May 1 on Friday at $1,269.50 an ounce, as nervousness over U.S. President Donald Trump's negotiations with other world leaders at the G7 summit prompted investors to buy bullion as an alternative to nominally higher-risk assets such as shares.

The U.S. economy is at or near the Federal Reserve's goals of full employment and stable prices, San Francisco Fed President John Williams said, adding that the U.S. central bank wants to make sure markets stay calm as it slowly returns interest-rate policy to normal. Euro zone growth may be improving but inflation remains subdued and still requires substantial stimulus, European Central Bank President Mario Draghi said on Monday, tempering expectations for the bank's June 8 policy meeting. Hedge funds and other money managers increased their net long position in COMEX gold for the first time in four weeks in the week to May 23, U.S.

Commodity Futures Trading Commission data showed. The market is also awaiting next month's Federal Open Market Committee meeting for any clues on the U.S. Federal Reserve's stance on interest rate increases. 

Technically market is under short covering as market has witnessed drop in open interest by -11.82% to settled at 3013 while prices up 12 rupees, now Gold is getting support at 28841 and below same could see a test of 28782 level, And resistance is now likely to be seen at 28950, a move above could see prices testing 29000.

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Suhani Verma

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