Laet week Global Gold future lost $ 41.90 and setteled
at $ 1341 against better than ecpected stronger US jobs
data.
But there is still an overwhelming demand for Physical Gold
and the recent price dip may offer a good opportunity to
purchase gold and silver as I mentioned in my previous blog
(01/21) market reward the bargin hunting buying very well.
One key focus this week will be a two-day meeting of the
Federal Open Market Committee. Expection a great reaction
from the dollar and consequently from the yellow metal.
Ken Morrison, editor and founder of the online newsletter,
Morrison on the Markets, said even with the price break,
he considers gold technical charts price-positive as the
100-day moving average is still rising. “The market broke
recent lows but we can’t say definitively that it’s confirmed
a long-term top and is changing trends until or unless it
breaks and closes below the $1,325 level…. I’ll get
concerned about the long position if it tests the $1,325 level
but will be inclined to add to the long if it
closes above $1,355.”
MY COUNTS FOR 24 JAN FOR FEB GOLD
RESISTANCE # 2……................$1355.00(MCX Rs 20236)
RESISTANCE # 1……................$1347.00(MCX Rs 20154)
PIVOT…………………..................$1342.00(MCX Rs 20063)
SUPPORT # 1…………...............$1335.00(MCX Rs 19981)
SUPPORT # 2…………...............$1329.00(MCX Rs 19893)
Happy trading
RAHUL KUMAR
GOLD Analysist
at $ 1341 against better than ecpected stronger US jobs
data.
But there is still an overwhelming demand for Physical Gold
and the recent price dip may offer a good opportunity to
purchase gold and silver as I mentioned in my previous blog
(01/21) market reward the bargin hunting buying very well.
One key focus this week will be a two-day meeting of the
Federal Open Market Committee. Expection a great reaction
from the dollar and consequently from the yellow metal.
Ken Morrison, editor and founder of the online newsletter,
Morrison on the Markets, said even with the price break,
he considers gold technical charts price-positive as the
100-day moving average is still rising. “The market broke
recent lows but we can’t say definitively that it’s confirmed
a long-term top and is changing trends until or unless it
breaks and closes below the $1,325 level…. I’ll get
concerned about the long position if it tests the $1,325 level
but will be inclined to add to the long if it
closes above $1,355.”
MY COUNTS FOR 24 JAN FOR FEB GOLD
RESISTANCE # 2……................$1355.00(MCX Rs 20236)
RESISTANCE # 1……................$1347.00(MCX Rs 20154)
PIVOT…………………..................$1342.00(MCX Rs 20063)
SUPPORT # 1…………...............$1335.00(MCX Rs 19981)
SUPPORT # 2…………...............$1329.00(MCX Rs 19893)
Happy trading
RAHUL KUMAR
GOLD Analysist
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