MCX gold April contract may see support at Rs 16,600 & 16,745: Geojit
Published on Wednesday, March 17th, 2010 at 7:13 PMAuthor: onlinecommoditycalls (1958 Articles)
“International gold recouped its lost ground and traded near significant USD 1,130 levels. The yen and dollar weakened on low interest rate prospects, while.
Euro had regained against dollar after S&P affirmed its credit rating on Greece. Fed officials yesterday repeated their pledge to keep the main interest rate near zero for an extended period to safeguard the economic recovery. The economic data released on import price index showed that import prices fell in February more than anticipated as a sign of little inflation pressure coming from abroad. However fall in housing starts signifies that record snowfall in parts of the country hampered construction. Building permits assign of future constructions decreased for a second month.
MCX active April contract futures were trading at Rs 16,772 with marginal gain of 0.32%,“ said Geojitcomtrade today.
“MCX gold April contract may see support at Rs 16,745/16,600 levels. Resistance can be seen at Rs 16,820/ 16,900 levels,“ it added.
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