MCX gold April contract may see support at Rs 16,440/16,370: Geojit
Published on Monday, March 15th, 2010 at 6:49 PMAuthor: onlinecommoditycalls (1958 Articles)
“International gold prices consolidating with positive bias and traded below USD 1,106 after prices plunged more than 3% in last week. The credit tightening in china had supported the prices. In order to sustain the recovery in economic growth, Chinese policy makers needed a solution to control inflation without hurting the prices of stocks and property. The country central bank has already twice raised the reserve requirement ratio and continued to increase the same together with interest rate hike to combat inflation,“said Anand James, chief analyst, Geojit Comtrade.
“Euro reversed its three days gain against dollar after some European finance ministers ruled out aid for Greece as it seeks to narrow budget deficit that is the largest in the common currency region. Sterling also shown signs of weakness amid concern that the currency`s worst annual start in 13 years will continue as the UK`s budget deficit approaches the Greek shortfall that roiled the Euro. MCX active April contract futures were trading at Rs 16,482 with marginal gain of 0.20%,“ he added.
MCX gold April contract may see support at Rs 16,440/16,370 and resistance at Rs 16,580/16,640.
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