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Analysis & Reasoning for our Today`s Bullion Futures Calls and Basis for our Calls are given below. Do study the same
MCX Gold Future Calls ( April 03 Contract )#
Closed at Rs. 43722
Trend Expected : Uptrend expected
Target 1 : Rs.45117
Target 2 : Rs. 46533
Stop Loss : Rs.42967
MCX Silver Future Calls ( May 05 Contract )#
Closed at Rs. 41223
Trend Expected : Up trend
Target 1 : Rs. 42464
Target 2 : Rs. 41705
Stop Loss : Rs. 40901
Analysis & Reasoning for Today`s Gold Futures & Silver Futures Calls
Gold prices edged higher on Friday after gloomy U.S. nonfarm payrolls data magnified the economic toll from the coronavirus, although a stronger dollar capped bullion’s advance.
Spot gold was up 0.4% to $1,619.40 per ounce. U.S. gold futures settled 0.5% higher at $1,645.70 per ounce.
“Gold continues to be in wait-and-see mode on how bad the global economy will get and how long will the depression-like conditions last,” said Edward Moya, a senior market analyst at broker OANDA.
The U.S. economy shed 701,000 jobs in March, ending a historic 113 straight months of employment growth, as stringent measures to control the coronavirus outbreak hurt businesses and factories, confirming a recession is underway. The dollar firmed against rivals, edging towards a more than 2% weekly rise, as global recession fears intensified.
“Most traders would expect gold to be higher” after the payrolls data, Moya said. “Gold’s problem is that supply tightness is easing and the dollar continues to grind higher.
“Ultimately gold will shine from all the fiscal and monetary stimulus being pumped into markets globally,” he added.
Swiss precious metals refinery PAMP has been given permission by local authorities to restart operations and will begin processing at less than 50% capacity, it said on Friday.
On Thursday, gold gained more than 1% after the number of Americans filing claims for unemployment benefits last week shot to a record high as more jurisdictions enforced stay-at-home measures to curb the pandemic.
Global cases of the new coronavirus have shot past 1 million, with more than 53,000 fatalities, a Reuters tally showed on Friday.
Reflecting investors’ interest in bullion, holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust , rose 0.3% to 971.97 tonnes on Thursday.
Silver shed 1.4% to $14.33 per ounce.
# Basis for our Gold Futures & Silver Futures Calls
These Calls & Analysis are based on our Technical Analysis & fundamental Analysis. Our Gold Future Calls & Silver Future Calls & Analysis are being updated everyday by 8.00 in the morning.
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