Life @ TradeIndia Research

Monday 29 August 2016

Commodity Tips, Gold Inches Down

Gold inches down on steady dollar,Fed rate hike remains on cards

Gold edged lower early on Monday as the dollar strengthened after hawkish comments from Federal Reserve Chair Janet Yellen left the door open for a US interest hike as early as next month. 

Commodity Tips FUNDAMENTALS
  • Spot gold had dipped 0.33 percent to USD 1,316.46 per ounce at 0120 GMT. The metal closed last week down 1.5 percent.
  • US gold futures fell 0.48 percent to USD 1,319.60. 
Free MCX Market Tips
  • Gold is highly-sensitive to rising US interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. 
 MCX SUPPORT & RESISTANCE LEVEL

GOLD JUNE FUTURE
R2–31642,
R1 -31470,
S1-30970,
S2-30670,

SILVER JULY FUTURE
R2 –45880,
R1- 45112,
S1-43412,
S2-43014,

CRUDE OIL JUNE FUTURE
R2 –3270,
R1-3200.
S1-3100,
S2-3050,

COPPER JUNE FUTURE
R2 –324,
R1-319,
S1-304,
S2-299.

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