December 14, 2017

MTECHTIPS;-Gold: Move above Rs.31350 could see prices testing 31550

 

MCX Gold for February delivery is having good support at Rs.31000 below which one could see a testing of Rs.30800 level by the commodity on Friday. Resistance for the commodity is expected at Rs.31350 and a move above the level could see prices testing Rs.31550 levels.Gold opened slightly positive on MCX as well as in the international markets subsequent to short-covering witnessed in early trading session ahead of European Central Bank President Mario Draghi’s speech that left rates on hold at a record low 0.75%.β€œThe economic weakness in the euro area is expected to extend into next year.” Draghi said. β€œ…annual real GDP growth (is expected) in a range between -0.6% and -0.4% for 2012, between -0.9% and 0.3% for 2013 and between 0.2% and 2.2% for 2014.”.

 

 


 

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