Achiievers has recommended to sell MCX Gold April at Rs 26650 for the target price of Rs 26540-26450 with a stop loss of Rs 26750 , in its research report dated March 30, 2015.
Gold settled down -0.87% at 26569 as investors opted for the riskier equity assets after some mixed economic data from the U.S., and notwithstanding a fluctuating dollar. Also pressure seen after Federal Reserve Chair Janet Yellen signaled that the U.S. central bank may be on course to raise interest rates later this year. Bullion is headed for a second consecutive monthly drop in March as a looming US . rate hike dims the appeal of a noninterest bearing asset. Also Yellen said on Friday that an increase in the Fed's benchmark rate "may well be warranted later this year" given sustained improvement in US economic conditions. The Fed signaled in its March statement that it was moving a step closer toward raising rates, though the central bank cut its economic outlook and slashed its median estimate for the federal funds rate, in a sign that it was prepared to move more slowly than the market expected ahead of the meeting. Meanwhile US economic data was mixed today, with fourth quarter GDP unrevised and a better than expected consumer sentiment report. Economic activity in the U.S. grew at an unrevised rate in the Q4 of 2014, according to the final estimate released by the Commerce Department. U.S. GDP increased 2.2 percent in the Q4, unchanged from the growth estimated last month. Hedge funds and money managers cut their net long position in gold, but raised their net long in silver for the first time in eight weeks as prices rallied toward their highest in more than a month. Now Investor caution over the price rally was evident as SPDR Gold Trust, continued to post outflows. Holdings fell nearly 6 tonnes on Thursday to 737.24 tonnes, the lowest level since January. In the week ahead, investors will be turning their attention to Friday's U.S. nonfarm payrolls report for further indications on the strength of the recovery in the labor market. Technically market is getting support at 26384 and below same could see a test of 26200 level, And resistance is now likely to be seen at 26755, a move above could see prices testing 26942.
SELL GOLD APR @ 26650 SL 26750 TGT 26540-26450.MCX
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