GOLD SETTLE $ 1548.70 DOWN BY $ 20.20
Yesterday gold coverd very volatile range of $ 37.80. Gold seen a sharp sell-off till $ 1545.70 after made high $ 1583. Traders start profit booking near resistence level $ 1584-86 after news that Egan-Jones cut spain's rating to B from BB- and showing a negative outlook. U S Dollars strength alos limited the perious metals gain and cause to a sell-off.
Traders will be eyeing the possibility China adding more stimulus to its economey, Its bullish for yellow metals and can generate 'safe-heven' buying.
As long as gold remain above support level ($ 1530-35) closing basis, I recommend to initiate buy at lower level.
TODAY LEVEL
RESISTENCE #2.............................$ 1595
RESISTENCE #1.............................$ 1571
PIVOT ...........................................$ 1559
SUPPORT #1..................................$ 1535
SUPPORT #2..................................$ 1521
MCX
RESISTENCE #2.............................INR 29250
RESISTENCE #1.............................INR 29070
PIVOT ...........................................INR 28940
SUPPORT #1..................................INR 28760
SUPPORT #2..................................INR 28630
Happy trading
Rahul Kumar
Gold Analysist
Call me : 969-0022-884
Yesterday gold coverd very volatile range of $ 37.80. Gold seen a sharp sell-off till $ 1545.70 after made high $ 1583. Traders start profit booking near resistence level $ 1584-86 after news that Egan-Jones cut spain's rating to B from BB- and showing a negative outlook. U S Dollars strength alos limited the perious metals gain and cause to a sell-off.
Traders will be eyeing the possibility China adding more stimulus to its economey, Its bullish for yellow metals and can generate 'safe-heven' buying.
As long as gold remain above support level ($ 1530-35) closing basis, I recommend to initiate buy at lower level.
TODAY LEVEL
RESISTENCE #2.............................$ 1595
RESISTENCE #1.............................$ 1571
PIVOT ...........................................$ 1559
SUPPORT #1..................................$ 1535
SUPPORT #2..................................$ 1521
MCX
RESISTENCE #2.............................INR 29250
RESISTENCE #1.............................INR 29070
PIVOT ...........................................INR 28940
SUPPORT #1..................................INR 28760
SUPPORT #2..................................INR 28630
Happy trading
Rahul Kumar
Gold Analysist
Call me : 969-0022-884
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