Commodity Trading Tips for Gold by Kedia Commodity

Gold on MCX settled down -0.32% at 29208 inched lower on Wednesday dropped as Comex Gold prices eased from its 3- month highs above $1240 an ounce as stocks were poised to extend recent gains. Bullion prices traded with weakness as the dollar firmed, with investors looking to minutes from the U. S. Federal Reserve's latest meeting for clues on the timing of interest rate hikes. Minutes from the last US Fed meeting showed uncertainty among policymakers about the new Trump administration's economic program. Still, many Fed policymakers said it may be appropriate to raise interest rates "fairly soon" should jobs and inflation data come in line with expectations, minutes of their Jan. 31-Feb. 1 policy meeting showed. Arguably the most important economic event for the world marketplace this week was release of the minutes from the last meeting of the FOMC. Traders and investors will parse the FOMC statement for clues on the timing of the next interest rate increase from the Fed. Many now think a U. S. rate hike in March could come from the FOMC. The National Association of Realtors released a report on Wednesday showing that existing home sales rebounded by more than expected in the month of January. NAR said existing home sales surged up by 3.3 percent to an annual rate of 5.69 million in January after falling by 1.6 percent to a revised 5.51 million in December. Now Investors were also looking ahead to an address by U. S. President Donald Trump to Congress next week at which he is expected to announce tax policies. Technically market is getting support at 29139 and below same could see a test of 29071 level, And resistance is now likely to be seen at 29310, a move above could see prices testing 29413.

Trading Ideas:

# Gold trading range for the day is 29071-29413.

# Gold slipped as the dollar firmed, with investors looking to minutes from the U. S. Fed’s latest meeting for clues on the timing of interest rate hikes.

# Minutes from the last U. S. Federal Reserve meeting showed uncertainty among policymakers about the new Trump administration's economic program.

# Fed Harker suggested he would support an interest rate increase at the U. S. central bank's mid-March policy meeting as long as inflation.