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MTECHTIPS:-MCX Gold Eases Under Rs 27000 Mark Amid Corrective Action

MTECHTIPS:-MCX Gold Eases Under Rs 27000 Mark Amid Corrective Action

MCX Gold futures slipped under Rs 27000 per 10 grams mark today as the global prices moderated amid profit selling after the recent surge. Gold soared to highest levels in nearly four months last week following a break above the 100 day Exponential Moving Average (EMA) amid excellent spot market demand and rising global commodity prices. COMEX Gold neared $1190 per ounce mark while the MCX Gold futures soared above Rs 27300 per 10grams levels. The yellow metal witnessed good buying with the recent upside convincing traders that amaj or bottom has been carved out in Gold. Idea that the US Fed is likely to go easy on the proposed rate hike is benefitting gold immensely. The Chief of the Federal Reserve Bank of New York said that a Federal Reserve rate hike remain likely this year but the final decision would continue to be based on how the economy continues to perform and would remain data dependent. William Dudley said that he expects solid growth in the US economy to offset the weakness overseas which has come to hurt US exports over the last couple of months. Meanwhile, the Asian equities are trading mixed today after China’s economic growth came in at 6.9% in the third quarter, slipping below 7% for the first time since 2009,adding to concerns that a slowdown in the Asian giant will continue to sap momentum from global growth. Gold eased amid lack of buying as equities failed to show a clear direction. COMEX Gold futures also witnessed corrective moves on profit selling

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