GOLD SETTLES $ 1574.90 LOWER $ 13.50
Gold futures traded a choppy $20.20 range as Spanish and Italian borrowing costs rose as concerns that this week’s European Union summit will fail to solve the regions debt crisis. This situation has pressured the Euro currency, made the U. S Dollar the favored investment choice, and therefore has lessened the appeal for precious metals. However, these price levels are apparently appealing to Central Banks recently as the International Monetary Fund’s website has produced data showing that Russia, Turkey, Ukraine, and Kazakhstan have increased their gold reserves. Gold has also not been able to maintain recent rally momentum as the price of Crude Oil continues to trade under $80.00 per barrel. Crude Oil futures traded as low as $78.33 per barrel. These lower Crude prices are anti- inflationary and therefore “bearish” precious metals.
TODAY LEVEL
RESISTANCE # 2…………. $1597.00
RESISTANCE # 1…………. $1586.00
PIVOT…………………..… .$1577.00
SUPPORT # 1……………....$1566.00
SUPPORT # 2……………....$1557.00
MCX
RESISTANCE # 2…………. INR 30280
RESISTANCE # 1…………. INR 30125
PIVOT…………………..… .INR 30020
SUPPORT # 1……………....INR 29870
SUPPORT # 2……………....INR 29770
RECOMMENDATION : KEEP SHORT WITH PROPER SL
Happy Trading
Rahul Kumar
Gold Analysist (Spot & Future)
Call me : 969-0022-884
Gold futures traded a choppy $20.20 range as Spanish and Italian borrowing costs rose as concerns that this week’s European Union summit will fail to solve the regions debt crisis. This situation has pressured the Euro currency, made the U. S Dollar the favored investment choice, and therefore has lessened the appeal for precious metals. However, these price levels are apparently appealing to Central Banks recently as the International Monetary Fund’s website has produced data showing that Russia, Turkey, Ukraine, and Kazakhstan have increased their gold reserves. Gold has also not been able to maintain recent rally momentum as the price of Crude Oil continues to trade under $80.00 per barrel. Crude Oil futures traded as low as $78.33 per barrel. These lower Crude prices are anti- inflationary and therefore “bearish” precious metals.
TODAY LEVEL
RESISTANCE # 2…………. $1597.00
RESISTANCE # 1…………. $1586.00
PIVOT…………………..… .$1577.00
SUPPORT # 1……………....$1566.00
SUPPORT # 2……………....$1557.00
MCX
RESISTANCE # 2…………. INR 30280
RESISTANCE # 1…………. INR 30125
PIVOT…………………..… .INR 30020
SUPPORT # 1……………....INR 29870
SUPPORT # 2……………....INR 29770
RECOMMENDATION : KEEP SHORT WITH PROPER SL
Happy Trading
Rahul Kumar
Gold Analysist (Spot & Future)
Call me : 969-0022-884
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