Commodity Trading Tips

MCX Tips: China Gold Reserve Push Down Gold Trend

Good Morning Traders…

In International market due to the sharp fall in gold prices in the domestic market has declined a great deal of gold. Due to the sharp fall in Gold prices in International market, prices in domestic market has also declined heavily in MCX Gold. Gold prices got the 5-year low levels of $ 1088 in International Market.
Anyhow Gold is trading above $ 1,100 per ounce in International Market. Due to this effect of International market Gold has decliened in Indian Commodity Market also, it has got the lowest level of last 2-year and trading at below Rs. 25000 per 10 grams. The reason behind this downtrend in Gold is the old Reserve of China, It was estimated before that china has much Gold reserve by the economists but China has much less Gold reserve as it was assumed. According to data from the World Gold Council, China has gold reserves of 1658 tonnes and China is going to fill 100 tonnes of gold in its reserves every year.

As per the way of Gold buying of China in 2009 it was supposed to be that China holds huge reserves of gold have been given. Before this China had not released any figures about its gold reserves, but figures released by the Central Bank of China, said that he has 1,658 tonnes of Gold as reserve. Gold prices have fallen sharply due to China’s low estimated Gold reserves. Since 2009, China’s central bank bought 604 tonnes of gold.

Gold Trend
Gold Reserve

Sharp Rally in Dollar made fell in Gold

Investors around the world are hopeful there have been increasing signs of dollar investments in the coming days. The US Central Bank has already made it clear that in this year interest rates may increase. US Dollar have made a strong trend because of this. The dollar index has risen to a height of around 3 months once again. Because of this rise in the dollar Gold price is continuously falling.

MCX Gold Trading Levels and Tips:

Commodity Gold
Trend Sideways
Support 25387-24982
Resistance 25682-26162
Tips Sell on high

MCX Silver Trading Levels and Tips:

Commodity Silver
Trend Sideways
Support 34034-33449
Resistance 34453-35125
Tips Sell on high

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