Sell MCX Gold Dec; target of Rs 25980-25800: Achiievers

Achiievers report on GoldGold settled down -1.54% at 26083 dropped for a fourth straight session to end at a more than two-week low on Wednesday, While Comex Gold dropped $11.60 to settle at $1,115.20 an ounce amid of upbeat economic data from the US with private sector jobs rising more than expected in September. The upbeat jobs data could be a catalyst for the Fed to move towards a hike in interest rates with focus now on Friday's employment data, despite some persistent global economic headwinds led by China. In encouraging economic news, a report from payroll processor ADP on Wednesday showed stronger than expected private sector jobs growth in September, reflecting impressive growth at large businesses. From the physical side India is heading into its seasonal peak demand period which started with Ganesh Chaturthi on 17th September and the start of the wedding season in October, so much has been made in some quarters that at the moment Indian prices are trading at around a $7-$8 discount to the London gold price when normally the market trades at a premium. Indian gold imports this year are already currently estimated at around 670 tonnes to the end of August. Historically end Q3 and Q4 – particularly Sept, Oct and early Nov ahead of the big Dhanteras and Diwali festival tend to be the strongest months for precious metals imports. Meanwhile Holdings in SPDR Gold Trust, rose 0.48 percent to 687.42 tonnes, but the gain failed to support prices. Now Markets will now monitor the jobs data on Friday for more clues from the Fed about when they intend to raise interest rates. Technically market is getting support at 25912 and below same could see a test of 25741 level, And resistance is now likely to be seen at 26352, a move above could see prices testing 26621.SELL GOLD DEC @ 26200 SL 26450 TGT 25980-25800.MCXFor all commodities report, click here 

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