Commodity Face Today:
Gold steadied on Wednesday after striking a 5-month low in the previous session, with investors awaiting more U.S. data to see whether a reduction in the Federal Reserve's monetary stimulus is likely this month, which would reduce gold's attraction as a hedge against inflation.
Spot gold had eased 0.2 percent to $1,221.64 an ounce. It traded in a narrow range on Tuesday slipping to $1,215.60 - fresh lows since early July - despite weakness in equities and the U.S. dollar.
Strong U.S. manufacturing data sent the metal down sharply earlier this week as markets believe a recovering economy would prompt the Fed to slow down the pace of its $85 billion in monthly bond purchases.
The Fed's money-printing for bond purchases has [played a key role in pushing gold prices higher over the last few years as they burnish the metal's appeal as an inflation hedge.
- Bullions are expected to move up; one can initiate long positions at lower levels.
- Crude is expected to move up; one can initiate long positions at lower levels.
- Base Metals are expected to move up; one can initiate long positions at lower levels.
Commodity Levels For Today:
- MCX Gold: Support at 28547-28805, Resistance: 29234-29405
- MCX Silver: Support at 43505-43821, Resistance: 44463-44789
- Crude Oil: Support at 5805-5910, Resistance: 6072-6129
Source: Destimoney.com
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