Kedia Advisory Advises Selling Gold on MCX Amid Lost Momentum
Kedia Advisory is advising clients to sell Gold on MCX at the October (OCT) price of 153,000. The stop-loss for this trade is set at 154,000, and the target prices are between 151,500 and 150,500.
Gold's trading range for the day was observed to be between 150,790 and 153,790. The metal gained as oil prices and bond yields lost momentum ahead of the latest US Federal Reserve (Fed) policy decision.
The Fed raised its target interest rate range by 25 basis points (bps) to 3.75-4.00% in September 2026, marking the first rate hike since 2023. Goldman Sachs stated that its fair-value forecast of $4,900 per ounce for gold at end-2026 is conditional on continued strong central bank demand.
For the week ending Sept. 8, COMEX gold speculators reduced their net long positions by 1,263 contracts to 139,548.