At India's Multi Commodity Exchange, gold futures for April delivery has been trading range bound in 30,000 levels ocassionally falling to 29800 levels last week.
LONDON/MUMBAI (Commodity Online):
US gold futures
rallied to a high of$1339 an ounce before falling bak to $1334 an ounce
on profit booking and investor expectations that Federal Reserve will go
ahead with its plans to reduce stimulus measures.
At India's Multi Commodity Exchange, gold futures for April delivery
has been trading range bound in 30,000 levels ocassionally falling to
29800 levels last week.
China has overtaken India as the largest gold consumer in 2013,
however, gold demand may weaken as higher prices have impacted market
senitments this week analysts said. Volumes for the benchmark contract
on the Shanghai Gold Exchange declined for a second day and the metal
for immediate delivery has traded at a discount to London prices since
February 20, Bloomberg reported.
In Asian trade on Tuesday, Gold is seen volative over worries that Ukraine could plunge into a sovereign debt default and that the likelihood of stimmulus measures being tapered in USA.
In Asian trade on Tuesday, Gold is seen volative over worries that Ukraine could plunge into a sovereign debt default and that the likelihood of stimmulus measures being tapered in USA.
"On daily charts, an RSI 71.69 suggests rally could be overdone but a
break of 1330 resistance provides momentum for a further push to 1355
levels in the near term. MACD is in positive territory providing further
support to gold,"
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