Karvy has recommended to sell MCX Gold April at Rs 27900-27930 for the target price of Rs 27440/27230 with a stop loss of Rs 28210, in its research report dated February 03, 2015.
Weekly Outlook: We saw mercurial movements in Bullion during the week though for full January month, the commodity has posted gains of around 8%, marking its best monthly advance since January 2012. Gold gained after surprising Swiss Central Bank's decision to decouple the it's currency against the Euro amidst concerns about rising currency struggle faced by major central banks globally. Last week, we saw the major FED update wherein the officials maintained its "patient" stance on interest rate increase however surprisingly called off a case that stable to sliding inflation is not a major threat for the FED towards its future monetary policy decision painting weak case for Gold bulls. We saw US Q4 GDP growth moderately lower to 2.6% however consumer spending was strong rising by its highest rate since 2006 indirectly boosting the optimism about the health of the broader economy. Looking at outlook for the commodity for week, we believe the aforementioned updates over FED and internally strong US GDP cues may largely act bearish for the commodity complex. Next week, Non Farm payrolls are expected to show an increase by around 225K-230K which would be lower than prior month though might not be taking in a negative manner as still any reading over 200,000 is good for the economy as per long-term average. In case we get to see some optimism towards the 240K average, positive sentiment may seep in which is also likely to drive positivity in the USD and equities as well whereas act negative for gold commodity.
Gold Apr MCX: Sell 27900-27930 TP 27440/27230 SL 28210
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