Gold traders are looking ahead toward a meeting of the
Federal Open Market Committee (FOMC)
Analysts say the likelihood is that Fed policy-makers will
maintain accommodative monetary policy, which would
be supportive of gold. But while this could mean a slight
bounce, much of this is presumably already factored
into prices.
The FOMC begins a two-day meeting Tuesday.
Policy-makers are in the midst of a course of quantitative
easing planned through mid-year, in which the Fed buys
Treasury securities with the goal of pushing down
market-set long-term interest rates.
“I think they will maintain quantitative easing and keep
everything unchanged,” said Afshin Nabavi, head of trading
at MKS Finance . “If that will be the case, we may have
a bounce up in the precious (metals).”
Markets may be “complacent” about debt issues not only
in the Europe but some states and municipalities in the U.S.
“A debt crisis caused by too much debt will not be solved
by printing more money and saddling the taxpayers of the
Western world with even more debt.
Technically the Gold future find a technical support near
$ 1330.00 to $1325.00, roughly the area of chart-congestion
lows back in October. Chart-wise, there is pretty good support.
I think gold is either at or near an intermediate-term low
and will probably trade higher over the next month or so.
The metals now offer a good opportunity to buy lower levels.
Physical demand on the pullback has been “very, very strong,”
particularly ahead of Chinese New Year holidays that
begin next week.
MY COUNTS FOR 25 JAN FOR FEB GOLD
RESISTENCE #2...............................$ 1358.00(MCX Rs 20190)
RESISTENCE #1...............................$ 1351.00(MCX Rs 20095)
PIVOT...............................................$ 1346.00(MCX Rs 20040)
SUPPORT #1....................................$ 1339.00(MCX Rs 19941)
SUPPORT #2....................................$ 1334.00(MCX Rs 19881)
RECOMMENDATION : BUY ON DIP (NOT FOR INTRADAY)
RAHUL KUMAR
GOLD Analsist
Comments me : bestech30@gmail.com
Federal Open Market Committee (FOMC)
Analysts say the likelihood is that Fed policy-makers will
maintain accommodative monetary policy, which would
be supportive of gold. But while this could mean a slight
bounce, much of this is presumably already factored
into prices.
The FOMC begins a two-day meeting Tuesday.
Policy-makers are in the midst of a course of quantitative
easing planned through mid-year, in which the Fed buys
Treasury securities with the goal of pushing down
market-set long-term interest rates.
“I think they will maintain quantitative easing and keep
everything unchanged,” said Afshin Nabavi, head of trading
at MKS Finance . “If that will be the case, we may have
a bounce up in the precious (metals).”
Markets may be “complacent” about debt issues not only
in the Europe but some states and municipalities in the U.S.
“A debt crisis caused by too much debt will not be solved
by printing more money and saddling the taxpayers of the
Western world with even more debt.
Technically the Gold future find a technical support near
$ 1330.00 to $1325.00, roughly the area of chart-congestion
lows back in October. Chart-wise, there is pretty good support.
I think gold is either at or near an intermediate-term low
and will probably trade higher over the next month or so.
The metals now offer a good opportunity to buy lower levels.
Physical demand on the pullback has been “very, very strong,”
particularly ahead of Chinese New Year holidays that
begin next week.
MY COUNTS FOR 25 JAN FOR FEB GOLD
RESISTENCE #2...............................$ 1358.00(MCX Rs 20190)
RESISTENCE #1...............................$ 1351.00(MCX Rs 20095)
PIVOT...............................................$ 1346.00(MCX Rs 20040)
SUPPORT #1....................................$ 1339.00(MCX Rs 19941)
SUPPORT #2....................................$ 1334.00(MCX Rs 19881)
RECOMMENDATION : BUY ON DIP (NOT FOR INTRADAY)
RAHUL KUMAR
GOLD Analsist
Comments me : bestech30@gmail.com
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