GOLD SETTLE $ 1588.40 HIGHER $ 21.10
The market was fueled as short covering and renewed safe- haven buying helped push the yellow metal through the $1575-$1585 resistance levels. Despite lower Crude Oil prices and a stronger U.S Dollar it became apparent that investors and traders alike were choosing the precious metals as their alternative investment choice as the news from the European Union continues to capture the world’s headlines.
The Low Breakout Continuation Setup signal implies significant downside IF yesterday's low happens to be taken out. The Momentum Pinball Sell signal also suggests that IF the first hour's low is broken, the market is suggesting something entirely different than indicated by the 90-10, and we'd want to be thinking on the short side. Cycle Indicators have moved into a region where short term cyclical lows often form. Initial odds faveour continued upside in today earlier trading. Buy the break of yesterday's 1589.0 high with a stop just below the 1581.4 level of the Daily Pivot. Price strength above the DP may provide clues for earlier entry. The Momentum Pinball Sell signal, on the other hand, suggests we consider the short side if the first hour's low happens to be broken to the downside
TODAY LEVEL
RESISTANCE # 2…………. $1603.00
RESISTANCE # 1…………. $1599.00
PIVOT……………..……… .$1581.00
SUPPORT # 1……………....$1565.00
SUPPORT # 2……………....$1559.00
MCX
RESISTANCE # 2…………. INR 30450
RESISTANCE # 1…………. INR 30250
PIVOT………………..…… .INR 29990
SUPPORT # 1……………....INR 29810
SUPPORT # 2……………....INR 29540
TRADE ALERAT : SELL GOLD $ 1587 TGT $ 1569 $ 1552 SL $ 1603
SELL SILVER $ 27.55-65 TGT $ 26.20 $ 25.10 SL $ 28.50
Happy Trading
Rahul Kumar
Gold Analysist (Spot & Future)
Call me : 969-0022-884
The market was fueled as short covering and renewed safe- haven buying helped push the yellow metal through the $1575-$1585 resistance levels. Despite lower Crude Oil prices and a stronger U.S Dollar it became apparent that investors and traders alike were choosing the precious metals as their alternative investment choice as the news from the European Union continues to capture the world’s headlines.
The Low Breakout Continuation Setup signal implies significant downside IF yesterday's low happens to be taken out. The Momentum Pinball Sell signal also suggests that IF the first hour's low is broken, the market is suggesting something entirely different than indicated by the 90-10, and we'd want to be thinking on the short side. Cycle Indicators have moved into a region where short term cyclical lows often form. Initial odds faveour continued upside in today earlier trading. Buy the break of yesterday's 1589.0 high with a stop just below the 1581.4 level of the Daily Pivot. Price strength above the DP may provide clues for earlier entry. The Momentum Pinball Sell signal, on the other hand, suggests we consider the short side if the first hour's low happens to be broken to the downside
TODAY LEVEL
RESISTANCE # 2…………. $1603.00
RESISTANCE # 1…………. $1599.00
PIVOT……………..……… .$1581.00
SUPPORT # 1……………....$1565.00
SUPPORT # 2……………....$1559.00
MCX
RESISTANCE # 2…………. INR 30450
RESISTANCE # 1…………. INR 30250
PIVOT………………..…… .INR 29990
SUPPORT # 1……………....INR 29810
SUPPORT # 2……………....INR 29540
TRADE ALERAT : SELL GOLD $ 1587 TGT $ 1569 $ 1552 SL $ 1603
SELL SILVER $ 27.55-65 TGT $ 26.20 $ 25.10 SL $ 28.50
Happy Trading
Rahul Kumar
Gold Analysist (Spot & Future)
Call me : 969-0022-884
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