Sell Gold Apr 2018 @ 30300 SL 30450 Tgt 30180-30050 - Kedia Commodity

Is it good to Sell

  • Yes

    Votes: 3 75.0%
  • No

    Votes: 1 25.0%

  • Total voters
    4
  • Poll closed .
#1
MCX GOLD UPDATE
Gold on MCX settled down -0.25% at 30224 on pressure from a stronger U.S. dollar and expectations that the U.S. Federal Reserve will raise interest rates for the first time this year. Losses were limited by political tumult in the United States which fueled safe-haven demand for bullion. Tit-for-tat diplomatic expulsions by Russia and Britain over an attack with a military-grade nerve agent on English soil only underlined gold's appeal.
Investors, however, were looking ahead to an expected U.S. interest rate rise at a Federal Reserve meeting starting March 20. Weaker demand in India prompted gold dealers to offer discounts for a second week straight, as a drop in local prices to 2-week lows and a festival failed to lure buyers. Dealers in India were offering a discount of up to $3 an ounce over official domestic prices, unchanged from last week.
Physical gold demand remained subdued in other Asian hubs as well, as investors remained cautious of an expected hike in U.S. interest rates for the first time this year. Premiums in China were at about $8 an ounce, little changed from the $6-$8 an ounce range last week.
Premiums in Singapore were at 60-80 cents an ounce over benchmark rates versus the 80 cents level last week. Meanwhile, demand in Japan was helped by a weaker U.S. dollar, which made bullion cheaper in the local currency, prompting a premium of 50 to 75 cents an ounce, as against 50 cents last week.
Technically market is under long liquidation as market has witnessed drop in open interest by -5.2% to settled at 5374, now Gold is getting support at 30129 and below same could see a test of 30035 level, And resistance is now likely to be seen at 30333, a move above could see prices testing 30443.

MCX SILVER UPDATE
Silver on MCX settled down -0.59% at 38358 as the dollar strengthen amid expectations that the Federal Reserve will hikes rates next week for the first time this year. Investors remained wary of buying the dips in the precious metal ahead of the Federal Reserve’s two-day meeting which gets underway March 20.
US data showed housing starts fell 7% in February to 1.236 million units, compared to January's 9.7% rise to 1.329 million, while expected a 2.7% drop to 1.290 million. Building permits fell 5.7% to 1.298 million, compared to a 7.4% rise to 1.396 million in January, missing expectations of a 3.8% drop to 1.325 million, while industrial production rose 1.1% in February, compared to a 0.3% dip in February, revised from a 0.1% fall.
According to Fed rate monitor, traders see a 93% chance the Federal Reserve will hike rates by 0.25% to a range of 1.50% to 1.75% on March 21. While many believe that the Federal Reserve March rate hike has been priced in, the central’s bank’s rate-hike projections or so-called dot-plots – illustrating where individual FOMC members believe rates are heading – are expected to be shifted upward, pointing to a faster pace of rate hikes.
The Federal Open Market Committee will meet on March 20-21 under Powell for the first time, with policymakers expected to release three-year forecasts for inflation, growth, unemployment, and interest rates. Technically market is under fresh selling as market has witnessed gain in open interest by 5.44% to settled at 22806 while prices down -229 rupees, now Silver is getting support at 38120 and below same could see a test of 37881 level, And resistance is now likely to be seen at 38649, a move above could see prices testing 38939.
 

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