Market Update

Market Watch

Monday, 2 December 2013

Mcx Tips: Gold Price Drop in Asia

Gold prices fell in Asia on Monday in thin trade as investors await key jobs data due out in the United States this week to gain a better handle on prospects for the Federal Reserve to start tapering its stimulus program.
The metal has lost over a quarter of its value this year due to record outflows from gold-backed exchange-traded funds as investors shifted money to rallying equities.

Markets seem to have already priced in a possible stimulus tapering from this month due to strong economic data, with gold prices trading below $1,300 an ounce for over three weeks.

Today’s Gold Trend:
Trend: Consolidate | Strategy: Buy on dips
R1- 30450, R2- 30880| S1-29860, S2- 29530

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  1. In today’s trade markets witnessed a gap up opening after Mood’s raised India’s credit rating from Baa3 to Baa2.
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  2. Gold prices rise on bargain hunting, dollar pullback.