GOLD SETTLE $ 1615.80 LOWER $ 7.40
Today’s August Gold futures traded a very choppy and volatile $36.10 range. The session produced a very seesaw trade and traded as low as $1590.50. The world was waiting to hear the verdict from the two day FOMC meeting. Once again the answers were a bit cryptic and resulted in no definite time frame for more stimulus. However, there seemed to be a different tilt to his statements. Chairman Ben Bernanke stated “ If we do not see more improvement from the labor market we will do more”..... “we are prepared to do more”. The also said he thought both QE programs were effective”. Once again this was not the response gold bugs were hoping for.
But is was as devastating as his past conferences. He certainly addressed the poor labor market and he did say twice “we are prepared to do more”. Investors and traders will eye today U S economic data before choosing their trading strategies.
TODAY LEVEL
RESISTANCE # 2…………. $1646.00
RESISTANCE # 1…………. $1629.00
PIVOT………………..…… .$1610.00
SUPPORT # 1……………....$1596.00
SUPPORT # 2……………....$1574.00
MCX
RESISTANCE # 2…………. INR 30500
RESISTANCE # 1…………. INR 30400
PIVOT…………………..… .INR 30200
SUPPORT # 1……………....INR 30050
SUPPORT # 2……………....INR 29900
Happy Trading
Rahul Kumar
Gold Analysist (Spot & Future)
Today’s August Gold futures traded a very choppy and volatile $36.10 range. The session produced a very seesaw trade and traded as low as $1590.50. The world was waiting to hear the verdict from the two day FOMC meeting. Once again the answers were a bit cryptic and resulted in no definite time frame for more stimulus. However, there seemed to be a different tilt to his statements. Chairman Ben Bernanke stated “ If we do not see more improvement from the labor market we will do more”..... “we are prepared to do more”. The also said he thought both QE programs were effective”. Once again this was not the response gold bugs were hoping for.
But is was as devastating as his past conferences. He certainly addressed the poor labor market and he did say twice “we are prepared to do more”. Investors and traders will eye today U S economic data before choosing their trading strategies.
TODAY LEVEL
RESISTANCE # 2…………. $1646.00
RESISTANCE # 1…………. $1629.00
PIVOT………………..…… .$1610.00
SUPPORT # 1……………....$1596.00
SUPPORT # 2……………....$1574.00
MCX
RESISTANCE # 2…………. INR 30500
RESISTANCE # 1…………. INR 30400
PIVOT…………………..… .INR 30200
SUPPORT # 1……………....INR 30050
SUPPORT # 2……………....INR 29900
Happy Trading
Rahul Kumar
Gold Analysist (Spot & Future)
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