Gold prices are still positive, according to Tradebull Securities

The Federal Reserve kept interest rates unchanged and admitted their efforts to reduce inflation have failed. This caused the price of gold to rise as it is seen as a hedge against inflation. The central bank also indicated that additional rate hikes are unlikely in the near future. The Fed’s recent comments were seen as a shift towards a more dovish stance by market participants, leading to a rise in gold prices despite the bank’s reluctance to commit to further tightening.

Gold rallied on relief news, but its sustainability will depend on Non-Farm payroll data due this Friday. Weak data may push gold up, while stronger data could reverse the gains. Gold in MCX on daily chart is positive with RSI_14 above 50 indicating bullish bias. Watch out for 70380 level, as a trend reversal is expected below it.

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