In the Bullion Market Yellow metal firmed above $1,150 an ounce on Friday as the Soften dollar after an extended rally.but the metal was still headed for its sixth weekly dip in seven on concerns that U.S. interest rates would increase soon.
Spot gold edged up 0.5 percent to $1,159.40 an ounce by 0331 GMT, after posting nine straight sessions of losses.The metal is so far down about 0.7 percent for the week,after hitting its lowest in more than three months at $1,147.1 on Wednesday.
Gold Edges to be finding some support around $1,150 although the short-to-medium term bias is still to the downside.Despite the short-covering rally on the back of a softer dollar, traders were cautious about bullion's outlook.
Bullion could see some more gains but will face resistance at $1,166 In a reflection of bearish sentiment, holdings in SPDR Gold trust, the world's largest gold-backed exchange-traded fund,fell 0.28 percent on Thursday to 750.95 tonnes.
Other precious metals have also taken hits. Silver is on track for a second straight weekly fall, while palladium is on course for its worst week since mid-January.COMEX gold and silver contracts show the most active months.
Mcx Gold Trading Tips : MCX Apr Gold was traded higher in the first session.However, on failure to extend the gains and a sharp decline from the same has kept the prices again in a negative zone. Now the outlook remains weak and further fall Advisor Advice SELL GOLD At 25790.00 T1- 25745.00 with SL- 25875.00.
Spot gold edged up 0.5 percent to $1,159.40 an ounce by 0331 GMT, after posting nine straight sessions of losses.The metal is so far down about 0.7 percent for the week,after hitting its lowest in more than three months at $1,147.1 on Wednesday.
Bullion could see some more gains but will face resistance at $1,166 In a reflection of bearish sentiment, holdings in SPDR Gold trust, the world's largest gold-backed exchange-traded fund,fell 0.28 percent on Thursday to 750.95 tonnes.
Other precious metals have also taken hits. Silver is on track for a second straight weekly fall, while palladium is on course for its worst week since mid-January.COMEX gold and silver contracts show the most active months.
Mcx Gold Trading Tips : MCX Apr Gold was traded higher in the first session.However, on failure to extend the gains and a sharp decline from the same has kept the prices again in a negative zone. Now the outlook remains weak and further fall Advisor Advice SELL GOLD At 25790.00 T1- 25745.00 with SL- 25875.00.
0 comments:
Post a Comment