Gold steadied last week after witnessing a steady decline is seen rebounding as the dollar seems to be tripping on reduced expectations for U.S. interest rate hikes next year. The dollar suffered its biggest drop in five months on Wednesday after minutes from the U.S. Federal Reserve's showed "many participants" were concerned inflation would stay below the bank's 2 percent target for longer than expected. The greenback was still nursing losses on Thursday,supporting dollar-priced gold by making it cheaper for non-U.S.
On the charts too we note that the rise seen on the charts into the recent pullback into the lower channel. The previous pullback into the value region around 29440 we can note that the trends have been quite positive in reviving from those levels. Hence we conclude that we should be revisit our bullish bias and look towards initiating a long at current levels in the next few days. The resistance levels are at much higher levels and hence it would be a good spot to initiate a long. The positive momentum readings are in sync with the lower Pitchfork channel supports seen in the prices towards definitely suggesting that trend is poised to head higher. With prices holding the lower end of the channel one should look for a long opportunity at current levels for a rise towards 30000 on MCX Gold Charts for Indian Traders or $1300 for the international players.
On the charts too we note that the rise seen on the charts into the recent pullback into the lower channel. The previous pullback into the value region around 29440 we can note that the trends have been quite positive in reviving from those levels. Hence we conclude that we should be revisit our bullish bias and look towards initiating a long at current levels in the next few days. The resistance levels are at much higher levels and hence it would be a good spot to initiate a long. The positive momentum readings are in sync with the lower Pitchfork channel supports seen in the prices towards definitely suggesting that trend is poised to head higher. With prices holding the lower end of the channel one should look for a long opportunity at current levels for a rise towards 30000 on MCX Gold Charts for Indian Traders or $1300 for the international players.