Motilal Oswal Commodities (MOSt) has come out with its report on metals & energy. According to the research firm, immediate support for MCX Gold is at Rs 30030 above which the short-term trend still remains bullish, says Motilal Oswal.
Gold prices continue to be supported by the consistent weakness in the economic data out of the US which is also weighing on the dollar
Some pressure to prices may come owing to a slight slowdown in Chinese demand where data indicated that Hong Kong's net gold exports to China fell 5.4% to 89.74 tons in January from 94.84 tons in December
Also, gold holdings of Turkey's central bank declined by 31.17 tons in January but SPDR flows continue to be steady with holdings rising by 0.26% to 803.70 tons yesterday
MCX Gold rallied yesterday towards resistance at 30260 levels, closing near the day's high. Immediate support is at 30030 above which the short-term trend still remains bullish.
Key support for silver is at 46800, till hold above will trade positively for the day. Immediate support is at 47350 while resistance is at 48400 levels.
(Prices in Rs.)
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