Some positive events to watch out for include the upcoming festival and marriage seasons for the Indian consumers to buy gold.
MUMBAI (Commodity On;ine): The gold market lately
has been characterized by technical selling and reduced long positions,
while hopes for stronger Indian demand are one of the bright spots,
said Sharps Pixley in a commodity snippet.
According to the firm, dollar has firmed lately, putting some pressure on gold. Technical selling occurred as gold broke below its 50-day moving average. And the failure to breach $1,800 early this month prompted some traders to pare back speculative long positions.
“Some positive events to watch out for include the upcoming festival and marriage seasons for the Indian consumers to buy gold,” they noted.
“Bullion price in India has retreated 4.4% from the high reached on 14 September. Gold demand is expected to rise in Q4 2012 due to weaker prices and stronger jewelry and investment purchases, according to the All India Gems & Jewelry Trade Federation,” Sharps Pixley concluded.
According to the firm, dollar has firmed lately, putting some pressure on gold. Technical selling occurred as gold broke below its 50-day moving average. And the failure to breach $1,800 early this month prompted some traders to pare back speculative long positions.
“Some positive events to watch out for include the upcoming festival and marriage seasons for the Indian consumers to buy gold,” they noted.
“Bullion price in India has retreated 4.4% from the high reached on 14 September. Gold demand is expected to rise in Q4 2012 due to weaker prices and stronger jewelry and investment purchases, according to the All India Gems & Jewelry Trade Federation,” Sharps Pixley concluded.
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