Gold price expected to trade higher today

CTAt MCX the Gold August future derivative is trading at 29492.00 with a gain of 0.43%. On Tuesday spot, Gold price decline marginally, with the expectation that the Federal Reserve should raise interest rates in upcoming months.

MCX Silver July contract is trading at 39390 with the gain of 0.97%. On Tuesday, the sharp fall was restricted by weak Dollar index.

Gold prices are likely to trade higher because
1) Weak trade and forex data from China.
2) Rising expectation of US Fed Reserve interest rates hikes.

Today Intraday MCX Gold Levels:

Resistance
R1 29584.00,  R2 29627.02,  R3 29670.06,  R4 29713.14,  R5 29756.25. 

Support
S1 29455.14,  S2 29412.25,  S3 29369.39,  S4 29326.56,  S5 29283.77. 

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