MTECHTIPS:Sell Gold on rallies to USD 1672, target USD 1648
According to the research firm, one can sell Gold on rallies to USD 1672 for the target of USD 1648 with a stop-loss above USD 1688.Spot gold traded steady as traders stayed sidelines on uncertainty weather the United States would be able to reach consensus to avert the $600 billion tax hike and spending cuts starting from next year. Gold has been trading in a tight range of $1668-1650 regions since the start of the week. If the US authorities fail to reach an agreement before the deadline, it could push the economy into recession and benefit gold. Economic uncertainties usually lift gold’s safe haven appeal and assist prices.