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MUMBAI (Commoditiescontrol) - Spot gold in the international markets last week traded in the range of $1290.3 to $1311.3 per oz and finally settled the week well above $1300 per oz.
As we pointed out last week gold may retest $1315-1320-1327 levels as long it holds the near term support of $1290 per oz.
Only a close below the crucial support of $1276 per oz will signal further bearishness.
For the time being gold may trade in the broader region of $1290 and $1320-1327 per oz.
Precious metals regained from early lows on news that China has plans to further cut taxes on its businesses and citizens in an effort to stimulate the world’s second-largest economy from April1st onwards.
The Brexit saga continues with no concrete plan in place and so far this has not impacted the market significantly.
On the data front US key economic data, the Empire manufacturing index slumped to a reading of 3.70 for March, its third consecutive monthly reading below 10 and the lowest since May 2017, caused shadow on US economic growth, resulted in dollar index weakening further.
MCX---April’19 contract---Gains may be limited due to rupee appreciation
Last week MCX april gold was traded in the region of INR 32319 and INR 31742.
Strong support is seen in the region of INR 31750 and 31600 per 10gm and only below to signal weakness.
We expect gold to retest the higher resistance in the region of INR 32350 and 32550 going forward.
(By Commoditiescontrol Bureau)
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