GOLD SETTLE $ 1562.60 DOWN BY .80 CENTS
Yesterday Gold trade in technical range between risistence and pivot as high
as $ 1572 and as low $ 1552.
The U S Jobless claim rose by 10K and boost the demand of yellow metal
somehow. Trader's and Investor are eyeing today unemployement data
release at 1800hrs because these number will play a major role in the
FOMC meets held on 20-22 June and support more easing.
It appeared yellow metal to be returning to its safe haven bid as investors
seem to be becoming more uncomfortable with equities and are flocking
to bonds, the US Dollar, the Yen and, as of yesterday, the gold. We have
seen hints at this development in the gold market several times this year
only to see the equities maintain their value and the gold revert back to a risk
commodity. It would appear, should this pattern hold and money continue
to leave the equities and flow to the safe haven commodities, that the stocks
could be in line for a more dramatic correction than what we have seen recently
TODAY LEVEL (AUG)
RESISTANCE # 2………….$1585.00
RESISTANCE # 1………….$1574.00
PIVOT………………..…… $1563.00
SUPPORT # 1……………...$1552.00
SUPPORT # 2……………...$1541.00
MCX (AUG )
RESISTANCE # 2………….INR 29660
RESISTANCE # 1………….INR 29570
PIVOT…………………..… INR 29440
SUPPORT # 1……………...INR 29310
SUPPORT # 2……………...INR 29190
Happy Trading
Rahul Kumar
Gold Analysist
Call me for today trade set-up after U S data : 969-0022-884
Yesterday Gold trade in technical range between risistence and pivot as high
as $ 1572 and as low $ 1552.
The U S Jobless claim rose by 10K and boost the demand of yellow metal
somehow. Trader's and Investor are eyeing today unemployement data
release at 1800hrs because these number will play a major role in the
FOMC meets held on 20-22 June and support more easing.
It appeared yellow metal to be returning to its safe haven bid as investors
seem to be becoming more uncomfortable with equities and are flocking
to bonds, the US Dollar, the Yen and, as of yesterday, the gold. We have
seen hints at this development in the gold market several times this year
only to see the equities maintain their value and the gold revert back to a risk
commodity. It would appear, should this pattern hold and money continue
to leave the equities and flow to the safe haven commodities, that the stocks
could be in line for a more dramatic correction than what we have seen recently
TODAY LEVEL (AUG)
RESISTANCE # 2………….$1585.00
RESISTANCE # 1………….$1574.00
PIVOT………………..…… $1563.00
SUPPORT # 1……………...$1552.00
SUPPORT # 2……………...$1541.00
MCX (AUG )
RESISTANCE # 2………….INR 29660
RESISTANCE # 1………….INR 29570
PIVOT…………………..… INR 29440
SUPPORT # 1……………...INR 29310
SUPPORT # 2……………...INR 29190
Happy Trading
Rahul Kumar
Gold Analysist
Call me for today trade set-up after U S data : 969-0022-884
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