MCX Gold negative on selling pressure; Comex Gold negative
MUMBAI-INDIA (July 31) The trend in gold futures for August delivery on India's Multi Commodity Exchange (MCX) is negative on selling pressure and traders are advised to take short position for the day, according to our analyst at Commodity Online.
“For intra-day, support for the commodity is seen at 28310 and 28190 levels while resistance is seen at 28990 and 29010 levels,” said John Godson, Technical Analyst at Commodity Online.
MCX gold futures for August delivery was seen trading down by 0.84% at Rs. 28465 per 10 grams as of 06.09 PM on Wednesday.
On Thursday morning, gold extended its gains easing its loss recorded in the earlier sessions. However, in the afternoon the yellow metal has changed its direction on selling pressure and recorded a decline.
Gold futures for December delivery on Globex platform of Comex was seen trading down by 0.10% at $1323.25 per troy ounce as of 06.13 PM IST on Wednesday.
Gold investors are seen awaiting statement from US Federal Reserve Open Market Committee which is expected at 11.30 PM IST today. Investors may try to gather clues from the statement existing monetary stimulus.
Kingsbury International, Ltd is scheduled to release its Chicago Purchasing Managers' Index (PMI) 07.15 PM IST today.
The US private sector added a total of 200,000 jobs during the month of July, with businesses of all sizes contributing to the overall gain and small businesses generating the greatest share, just as they did in the previous month, according to the data released by the ADP National Employment Report on Wednesday.
India's gold imports were lower in June and July were year-on-year basis, Finance Minister P. Chidambaram said on Wednesday, without giving import data.
