GOLD SETTLE $ 1623.20 LOWER $ 3.80
Today’s August Gold futures traded a quiet $16.20 range as many gold bugs appear to be waiting for news from the FOMC after their two day meeting ends today. The mood in the market remains tentative and uncertain as traders are hoping the FED will take a straight forward approach in its decision whether or not to inject more stimulus in order to jump start the sluggish U.S economy. Many analysts are predicting the FOMC will suggest more stimulus however, we gold traders have been disappointed every FOMC meeting since September 29th as FOMC Chairman Ben Bernanke has continuously stated that there is no need for anymore stimulus in the near future as the economy is growing at a gradual pace…The latest jobs sector housing sector, and trade numbers suggest the U.S economy is slowing….So it is my belief that traders and investors alike are waiting for tomorrow’s FOMC news release before choosing their trading strategies.
RECOMMENDATION : OUR TGT FOR THE MONTH OF JUNE $ 1670,.......... TRADERS SHOULD KEEP AN EYE ON TODAY FOMC RESULTS
TODAY NUMBERS
RESISTANCE # 2…………. $1641.00
RESISTANCE # 1…………. $1632.00
PIVOT…………………..… .$1625.00
SUPPORT # 1……………....$1616.00
SUPPORT # 2……………....$1609.00
MCX
RESISTANCE # 2…………. INR 30540
RESISTANCE # 1…………. INR 30360
PIVOT………………......… .INR 30260
SUPPORT # 1……………....INR 30100
SUPPORT # 2……………....INR 29990
Happy Trading
Rahul Kumar
Gold Analysist (Spot & Future)
Call me : 969-0022-884
Today’s August Gold futures traded a quiet $16.20 range as many gold bugs appear to be waiting for news from the FOMC after their two day meeting ends today. The mood in the market remains tentative and uncertain as traders are hoping the FED will take a straight forward approach in its decision whether or not to inject more stimulus in order to jump start the sluggish U.S economy. Many analysts are predicting the FOMC will suggest more stimulus however, we gold traders have been disappointed every FOMC meeting since September 29th as FOMC Chairman Ben Bernanke has continuously stated that there is no need for anymore stimulus in the near future as the economy is growing at a gradual pace…The latest jobs sector housing sector, and trade numbers suggest the U.S economy is slowing….So it is my belief that traders and investors alike are waiting for tomorrow’s FOMC news release before choosing their trading strategies.
RECOMMENDATION : OUR TGT FOR THE MONTH OF JUNE $ 1670,.......... TRADERS SHOULD KEEP AN EYE ON TODAY FOMC RESULTS
TODAY NUMBERS
RESISTANCE # 2…………. $1641.00
RESISTANCE # 1…………. $1632.00
PIVOT…………………..… .$1625.00
SUPPORT # 1……………....$1616.00
SUPPORT # 2……………....$1609.00
MCX
RESISTANCE # 2…………. INR 30540
RESISTANCE # 1…………. INR 30360
PIVOT………………......… .INR 30260
SUPPORT # 1……………....INR 30100
SUPPORT # 2……………....INR 29990
Happy Trading
Rahul Kumar
Gold Analysist (Spot & Future)
Call me : 969-0022-884
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