GOLD SETTLE $ 1548 DOWN $ 28.60
FUNDAMENTAL
Comex gold is sharply lower as traders exit a broad range of markets due to uncertainty about Europe and debt-plagued Greece ahead of a summit of European leaders Wednesday night. There was a report that a former Greek prime minister said there are official discussions taking place regarding Greece possibly leaving the European Union. German bond yields hit another record low at the latest auctions Wednesday, which is another sign of the keen risk-aversion in the market place
The U.S. dollar index traded sharply higher Wednesday and hit a fresh 20-month high, on safe-haven buying interest as the Euro currency slumps. The dollar index bulls have strong upside near-term technical momentum and that remains a bearish underlying factor for the precious metals.
TECHNICAL
Technically Gold is not able to trade above $ 1600 and again sell-off to bottaming $ 1532 within 48 hours after making a high $ 1598 on Monday. The recent pull back from $ 1533 yeaterday night look like a rollover shorts from June to August Contract very sharply after place a bottam near $ 1532. Overall picture for Global Gold future looking bearish in near shorterm. Support at $ 1520-1525 and $ 1490-1500.
LEVEL
RESISTENCE #2................................$ 1585
RESISTENCE #1................................$ 1567
PIVOT................................................$ 1550
SUPPORT #1......................................$ 1530
SUPPORT #2......................................$ 1515
MCX
RESISTENCE #2.................................INR 29200
RESISTENCE #1.................................INR 29085
PIVOT............................................... INR 28955
SUPPORT #1......................................INR 28820
SUPPORT #2......................................INR 28700
RECOMMENDATION : WATCH LEVEL $ 1567-1570 TO SELL WITH SL $ 1581
Happy Trading
Rahul Kumar
Gold Analysist
Call me : 969-0022-884
.
FUNDAMENTAL
Comex gold is sharply lower as traders exit a broad range of markets due to uncertainty about Europe and debt-plagued Greece ahead of a summit of European leaders Wednesday night. There was a report that a former Greek prime minister said there are official discussions taking place regarding Greece possibly leaving the European Union. German bond yields hit another record low at the latest auctions Wednesday, which is another sign of the keen risk-aversion in the market place
The U.S. dollar index traded sharply higher Wednesday and hit a fresh 20-month high, on safe-haven buying interest as the Euro currency slumps. The dollar index bulls have strong upside near-term technical momentum and that remains a bearish underlying factor for the precious metals.
TECHNICAL
Technically Gold is not able to trade above $ 1600 and again sell-off to bottaming $ 1532 within 48 hours after making a high $ 1598 on Monday. The recent pull back from $ 1533 yeaterday night look like a rollover shorts from June to August Contract very sharply after place a bottam near $ 1532. Overall picture for Global Gold future looking bearish in near shorterm. Support at $ 1520-1525 and $ 1490-1500.
LEVEL
RESISTENCE #2................................$ 1585
RESISTENCE #1................................$ 1567
PIVOT................................................$ 1550
SUPPORT #1......................................$ 1530
SUPPORT #2......................................$ 1515
MCX
RESISTENCE #2.................................INR 29200
RESISTENCE #1.................................INR 29085
PIVOT............................................... INR 28955
SUPPORT #1......................................INR 28820
SUPPORT #2......................................INR 28700
RECOMMENDATION : WATCH LEVEL $ 1567-1570 TO SELL WITH SL $ 1581
Happy Trading
Rahul Kumar
Gold Analysist
Call me : 969-0022-884
.
No comments:
Post a Comment