Gold On MCX Settled Up At 2856 - Ways2Capital

Gold on MCX settled up at 2856 gained marginally but staying away from recent 6-week lows continuing to bounce back amid uncertainty about the global economy. Support also seen as dollar dropped below 96 level mark first time since November 2016 after a delayed U.S. healthcare bill increased doubts about President Donald Trump's ability to pass economic stimulus measures. The dollar sank to its lowest since November as Japan's yen strengthened and the euro hit a one-year high when ECB President Mario Draghi hinted that stimulus could be trimmed this year.

Gold prices have gained every month this year save June, due partly to geopolitical tensions which most recently included Syrian hostilities, a bailout of Italian banks, the policies of US President Donald Trump and Britain's negotiations to quit the EU. Overall sentiments remain firm as this week US Senate Republican leaders postponed a vote on a healthcare overhaul 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.

Also US Fed Chair Janet Yellen said 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. While the IMF 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.Technically market is getting support at 28475 and below same could see a test of 28383 level, And resistance is now likely to be seen at 28692, a move above could see prices testing 28817.

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Suhani Verma

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