Comex gold future tradred higher after FOMC
two days meeting statement, general strength in
commodities and a willingness of traders to test
the market again after recent declines.
The FOMC stated that FED voted unanimously
to keep everything the same including unchanged
interest rates and quantitative easing. They also
stated that the the recovery has been “insufficient”
to reduce joblessness and called the Housing
sector depressed
The Fed also said the economic recovery was
continuing but that it wasn't sufficent enough to
help the jobs landscape. There was a nod to
rising commodity prices but the Fed said that
long-term core inflation is stable, which was
a green light for its bond buying program
Fed statement showed no changes to monetary
policy, with short-terminterest remaining at their
historic lows. Low rates help gold several ways,
such as holding down the U.S. dollar and creating
worries about eventual inflation as a result of loose
money supply. It also means investors are not
missing out on high yields elsewhere when instead
holding an asset such as gold
TODAY EYECATCHER REPORT
US Initial Jobles claims : 1900PM
Durable Goods : 1900PM
Exports sales : 1900 PM
MY COUNTS FOR 27 JAN 2011 FOR FEB GOLD
RESISTENCE #2..............................$ 1359.00
RESISTENCE #1..............................$ 1350.00
PIVOT ............................................. $ 1337.00
SUPPORT #1................................... $ 1328.00
SUPPORT #2................................... $ 1317.00
RAHUL KUMAR
GOLD Analysist
Comments me : bestech30@gmail.com
two days meeting statement, general strength in
commodities and a willingness of traders to test
the market again after recent declines.
The FOMC stated that FED voted unanimously
to keep everything the same including unchanged
stated that the the recovery has been “insufficient”
to reduce joblessness and called the Housing
sector depressed
The Fed also said the economic recovery was
continuing but that it wasn't sufficent enough to
help the jobs landscape. There was a nod to
rising commodity prices but the Fed said that
long-term core inflation is stable, which was
a green light for its bond buying program
Fed statement showed no changes to monetary
policy, with short-term
historic lows. Low rates help gold several ways,
such as holding down the U.S. dollar and creating
worries about eventual inflation as a result of loose
money supply. It also means investors are not
missing out on high yields elsewhere when instead
holding an asset such as gold
TODAY EYECATCHER REPORT
US Initial Jobles claims : 1900PM
Durable Goods : 1900PM
Exports sales : 1900 PM
MY COUNTS FOR 27 JAN 2011 FOR FEB GOLD
RESISTENCE #2..............................$ 1359.00
RESISTENCE #1..............................$ 1350.00
PIVOT ............................................. $ 1337.00
SUPPORT #1................................... $ 1328.00
SUPPORT #2................................... $ 1317.00
RAHUL KUMAR
GOLD Analysist
Comments me : bestech30@gmail.com