Gold settled down -1.06% at 28580 after the U.S. Federal Reserve announced a further cut in its stimulus programme and reiterated its confidence in the U.S. economic outlook despite weak first-quarter growth.
Outflows resumed from bullion-backed exchange-traded funds, suggesting investor confidence in the metal remains soft. Optimism over the health of the U.S. economy suggests the Fed will keep paring back its monetary easing programme, relieving downward pressure on long-term interest rates and taking the heat out of inflation fears.
In the latest economic reports, jobless claims unexpectedly rose in the latest week, though the underlying trend continued to point to improving labour market conditions. Separately, U.S. consumer spending recorded its largest increase in more than four and a half years in March.
The next market focus will be U.S. non-farm payrolls data for April, scheduled for release on Friday. SPDR Gold Trust said its holdings fell 2.39 tonnes to 785.55 tonnes on Thursday, after losing 4.19 tonnes on Wednesday.
Investors resumed dumping gold holdings this week after the Federal Reserve looked past a dismal reading on first quarter U.S. growth and gave a mostly upbeat assessment of the economy's prospects as it announced another cut in its massive bond-buying stimulus.
U.S. gold coin sales in April recovered from a seven-month low in March as retail buying picked up, while early interest in newly launched platinum coins slackened after a burst of initial buying in their first month.
Technically market is under long liquidation as market has witnessed drop in open interest by -2.13% to settled at 9687 while prices down -307 rupee, now Gold is getting support at 28451 and below same could see a test of 28323 level, and resistance is now likely to be seen at 28766, a move above could see prices testing 28953.
Trading Ideas:
Gold trading range for the day is 28323-28953.
Gold dropped after Fed announced a further cut to its extraordinary stimulus measures and reiterated its confidence in the U.S. economic outlook
Outflows resumed from bullion-backed exchange-traded funds, suggesting investor confidence in the metal remains soft.
SPDR gold trust holdings dropped by 2.39 tonnes i.e. 0.30% to 785.55 tonnes from 787.94 tonnes.
www.punjiniveshonline.com
www.punjiniveshonline.com
Outflows resumed from bullion-backed exchange-traded funds, suggesting investor confidence in the metal remains soft. Optimism over the health of the U.S. economy suggests the Fed will keep paring back its monetary easing programme, relieving downward pressure on long-term interest rates and taking the heat out of inflation fears.
In the latest economic reports, jobless claims unexpectedly rose in the latest week, though the underlying trend continued to point to improving labour market conditions. Separately, U.S. consumer spending recorded its largest increase in more than four and a half years in March.
The next market focus will be U.S. non-farm payrolls data for April, scheduled for release on Friday. SPDR Gold Trust said its holdings fell 2.39 tonnes to 785.55 tonnes on Thursday, after losing 4.19 tonnes on Wednesday.
Investors resumed dumping gold holdings this week after the Federal Reserve looked past a dismal reading on first quarter U.S. growth and gave a mostly upbeat assessment of the economy's prospects as it announced another cut in its massive bond-buying stimulus.
U.S. gold coin sales in April recovered from a seven-month low in March as retail buying picked up, while early interest in newly launched platinum coins slackened after a burst of initial buying in their first month.
Technically market is under long liquidation as market has witnessed drop in open interest by -2.13% to settled at 9687 while prices down -307 rupee, now Gold is getting support at 28451 and below same could see a test of 28323 level, and resistance is now likely to be seen at 28766, a move above could see prices testing 28953.
Trading Ideas:
Gold trading range for the day is 28323-28953.
Gold dropped after Fed announced a further cut to its extraordinary stimulus measures and reiterated its confidence in the U.S. economic outlook
Outflows resumed from bullion-backed exchange-traded funds, suggesting investor confidence in the metal remains soft.
SPDR gold trust holdings dropped by 2.39 tonnes i.e. 0.30% to 785.55 tonnes from 787.94 tonnes.
www.punjiniveshonline.com
www.punjiniveshonline.com
No comments:
Post a Comment