Gold On MCX Settled Up 0.15%

Gold on MCX settled up 0.15% at 28553 as bargain hunting set in and the dollar fell before speeches by US Federal Reserve officials. The U.S. dollar slid to 10-month lows against the euro after the ECB's Draghi opened the door to steps that might begin to reduce the central bank's stimulus. 

U.S. Senate Republican leaders postponed a vote on a healthcare overhaul on Tuesday after resistance from members of their own party, and President Donald Trump summoned Republican senators to the White House to urge them to break the impasse.

U.S. Federal Reserve Chair Janet Yellen said on Tuesday that she did not believe there would be another financial crisis for at least as long as she lives, thanks largely to reforms of the banking system since the 2007-09 crash. The International Monetary Fund on Tuesday cut its growth forecasts for the U.S. economy to 2.1 percent for both 2017 and 2018, dropping its assumption that President Trump's tax cut and fiscal spending plans would boost growth.

Market participants are concerned that the Trump administration will find it hard to follow through with tax cuts and fiscal stimulus steps, without first getting the healthcare bill passed. The Bank of England tightened its controls on bank credit to more normal levels on Tuesday, deciding the risk had passed of a big hit to the economy and to lending after last year's Brexit vote.

Technically market is under fresh buying as market has witnessed gain in open interest by 9.32% to settled at 5452 while prices up 43 rupees, now Gold is getting support at 28468 and below same could see a test of 28383 level, And resistance is now likely to be seen at 28643, a move above could see prices testing 28733.

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Suhani Verma

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