GOLD TREND FOR MAY 23rd

GOLD SETTLE $ 1576.30 DOWN $ 12.40

FUNDAMENTAL

The market place received a negative surprise overnight when the Fitch credit rating agency downgraded Japan’s sovereign debt rating due to the increasing public sector debt load. That set the tone for a “risk off” trading day in the market place, which was bearish for most markets, including the precious metals.

Traders are now awaiting a European Union leaders’ summit meeting in Brussels on Wednesday. Traders and investors want to see the next steps that will be taken by officials to try to mop up the EU debt crisis—namely Greece’s present mess

TECHNICAL

Technically Gold future give us again a fresh sell signal at $ 1567 can extend up to $ 1544.  At these level we will see some pullback action.


RESISTANCE # 2……………....$1601.00
RESISTANCE # 1………………$1590.00
PIVOT………………………..…$1580.00
SUPPORT # 1…………………..$1567.00
SUPPORT # 2…………………..$1555.00

MCX

RESISTANCE # 2……………....INR 29370
RESISTANCE # 1………………INR 29200
PIVOT………………………..…INR 29035
SUPPORT # 1…………………..INR 28870
SUPPORT # 2…………………..INR 29670

NO RECOMMENDATION TODAY


Happy Trading

Rahul Kumar
Gold Analysist

Call me 969-0022-884