Today's session traded a choppy $15.30 range as traders
appeared to apprehensive in advance of tomorrows nationwide
elections as well as the Tuesday & Wednesday FOMC meeting.
Most investors expect the FOMC will announce more quantitative
easing however, the amount they will allocate will be the issue.
Since the market closed $7.00 lower it is my opinion that
many traders took profits and sat the side-lines as a precaution to
tomorrows election day surprises. it will also be interesting to
see if there is buying interest from the Asian sector as they have been
aggressive buyers during the previous market price dips.
With the "DIWALI festival only 4 days away I would imagine
the jewelers of India will need to stock and re-stock their
shelves as the Hindu Holiday is auspicious for an insatiable
demand for both Gold and Silver....
Today's trading session was very technical as it traded
between RESISTANCE and SUPPORT levels....
REPORTS: 1/2
ELECTION DAY.............................
FOMC MEETING (day 1)................
MY SWING NUMBERS 1/2.......December Gold
RESISTANCE # 2....................$1370.00(MCX Rs 19890)
RESISTANCE # 1....................$1362.00(MCX Rs 19833)
PIVOT....................................$1356.00 (MCX Rs 19760)
SUPPORT # 1.........................$1346.00(MCX Rs 19631)
SUPPORT # 2.........................$1342.00(MCX Rs 19567)
RECOMMENDATION : Buy above only Rs 19775 OR sell below 19680)
RAHUL KUMAR / GOLD Analysist
