MTECHTIPS’-Gold meets resistance near to $1700 levels
MTECHTIPS’-Gold meets resistance near to $1700 levelsUS Gold futures rose to near 1700 levels in electronic trading on Tuesday on stimulus hopes that could trigger inflation but weakened thereafter to $1692.7 levels while silver futures at Shanghai rose to a record high of 6,932 Yuan per kg.Among the supportive factors for gold and silver are the festival season demand in India, record rise in holdings in global physically gold backed exchange traded funds, analysts said.US Gold futures touched a high of 1699.6 an ounce and retraced later.In the domestic markets precious metals, base metals and crude oil prices are expected to trade sideways on account of mixed global market sentiments as investors await US manufacturing PMI later in the evening today. While strength in the DX, might exert downside pressure on the commodities, according to an evening update by Angel Commodities.At India’s Multi Commodity Exchange, October Gold rose 0.29% to Rs 31375 per 10 gms while Silver December futures rose 0.44% to 61700 per kg.Support levels for October Gold in MCX are 31275, 31210, resitance 31470, 31560. In Comex December gold futures has support at $1660, 1640, resistance at 1690, 17000 levels. Silver December futures rose to $32.37 per ounce and has support at $31, 30.5 and resistance at $32, 33 levels.
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