Gold - MCX Gold may show some decline tracking pointing from international exchange however downside is limited in this era. Weighing on gold price is showing strength in US dollar against the Euro. The dollar hit the highest level since Jan supported by continuing tensions relating to Euro-zone economies and Fed’s decision to keep monetary policy unchanged.
However close buying will limit downside in gold price. Gold has moved in sync with equity and commodity markets and this trend may persist in the near term. Focus today will be on Euro-zone PMI and CPI data and US weekly jobless claims, PPI, industrial production, Empire manufacturing and Philadelphia Fed index. Upbeat data could ignite some buying interest at lower levels. Support for MCX Gold Feb. contract is seen at Rs.27750 while Resistance is seen at Rs.28600.
However close buying will limit downside in gold price. Gold has moved in sync with equity and commodity markets and this trend may persist in the near term. Focus today will be on Euro-zone PMI and CPI data and US weekly jobless claims, PPI, industrial production, Empire manufacturing and Philadelphia Fed index. Upbeat data could ignite some buying interest at lower levels. Support for MCX Gold Feb. contract is seen at Rs.27750 while Resistance is seen at Rs.28600.
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