Gold is stuck in a small range



MCX Gold is stuck in a small range and it is trading in between 29700-29500 levels. Gold is facing selling pressure near 29,730 levels and it has failed to give a daily close above the prescribed level in last 1 month. A daily close above the mentioned level will push the prices higher toward 30,000 levels.

Fundamentally speaking, the Dollar Index slipped below the important zone on account of dovish statement from FOMC meeting. The outcome had a positive effect on the Gold prices as it is inversely related with the Dollar Index.





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