The traders nervously awaited news from the FOMC.
These unchartered price levels have caused traders to trade very
defensively and to take profits when available. Through My openion
the thinking of OVERBOUGHT range may be done here.
The over whelming support continues to be the strong demand
for physical bullion. it will once again be interesting to see if the
Asian sector steps up and buys physical gold at these lower levels.
FOMC MEETING.....
On November 3, 2010, the FOMC
decided to expand the Federal Reserve's holdings of securities in the
SOMA to promote a stronger pace
of economic recovery and to help ensure that inflation, over time,
is at levels consistent with its mandate......
The Fed plan to assest purchesed by $600 billion by
the end of June 2011....Which probably means the present
benchmark interest rates will remain unchanged....
REPORTS: 11/4
US EXPORT SALES......................6:00PM
US INITIAL JOBLESS CLAIMS........6:00PM
US PRODUCTIVITY.......................6:00PM
MY SWING NUMBERS 11/04
RESISTANCE # 2.........$1379.00(MCX Rs 19993)
RESISTANCE # 1.........$1357.00(MCX Rs 19731)
PIVOT...........................$1342.00(MCX Rs 19525)
SUPPORT # 1...............$1321.00(MCX Rs 19257)
SUPPORT # 2...............$1301.00(MCX Rs 19042)
RECOMMENDATION : Buy above @ 19540 (Strongly recommended)
RAHUL KUMAR
Subscribe me : TRADETOPROFIT
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