Gold: Gold fell 1 percent on
Wednesday as a recovery in equities prompted some profit-taking after Tuesday's
rally, while minutes of the U.S. Federal Reserve's lastpolicy meeting showed concern
about "appreciable downside risks" in the global economy. Fed
policymakers debated whether an interest rate hike would be needed in April,
though a consensus emerged that risks from a global economic slowdown warranted
a cautious approach, minutes from the March 15-16 meeting showed. Gold, which
is sensitive to rate increases as they lift the opportunity cost of holding the
non-interest-yielding metal, posted its biggest quarterly rise in nearly 30
years in the first three months of 2016 as expectations for rate rises faded.
Holdings of the world's largest gold-backed exchange-traded fund, New
York-listed SPDR Gold Shares, fell on Tuesday. It reported this year's first
weekly outflow last week. Outlook We expect gold prices to trade sideways on
the back of uncertainty over US interest rates.
SUPPORT AND RESISTANCE FOR GOLD:
|
S2
|
S1
|
Close
|
R1
|
R2
|
|
28500
|
28600
|
28646
|
28750
|
28900
|
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