GOLD SETTLE $ 1578.40 HIGHER $ 3.50
Gold moved entire trading day between a tight technical range (1st risistence & 1st support). Last two days action show that traders are waiting for some news (good/bad) to do somthing. They are awaiting for today US economic data and two day 20th EU summit strat from today in order to resolve the spreading debt crisis in the region. There are low expectations for concrete results coming out of this latest gathering of EU officials.
Technically I am in selling mode untill gold not close above $ 1603 and wait to add more shorts if any closing below $ 1548 for a tgt $ 1525.
TODAY LEVEL
RESISTANCE # 2…………. $1597.00
RESISTANCE # 1…………. $1587.00
PIVOT…………..………… .$1575.00
SUPPORT # 1……………....$1566.00
SUPPORT # 2……………....$1553.00
MCX
RESISTANCE # 2…………. INR 30250
RESISTANCE # 1…………. INR 30110
PIVOT……………..……… .INR 30000
SUPPORT # 1……………....INR 29865
SUPPORT # 2……………....INR 29770
Happy Trading
Rahul Kumar
Gold Analysist (Spot & Future)
Call me : 969-0022-884
Gold moved entire trading day between a tight technical range (1st risistence & 1st support). Last two days action show that traders are waiting for some news (good/bad) to do somthing. They are awaiting for today US economic data and two day 20th EU summit strat from today in order to resolve the spreading debt crisis in the region. There are low expectations for concrete results coming out of this latest gathering of EU officials.
Technically I am in selling mode untill gold not close above $ 1603 and wait to add more shorts if any closing below $ 1548 for a tgt $ 1525.
TODAY LEVEL
RESISTANCE # 2…………. $1597.00
RESISTANCE # 1…………. $1587.00
PIVOT…………..………… .$1575.00
SUPPORT # 1……………....$1566.00
SUPPORT # 2……………....$1553.00
MCX
RESISTANCE # 2…………. INR 30250
RESISTANCE # 1…………. INR 30110
PIVOT……………..……… .INR 30000
SUPPORT # 1……………....INR 29865
SUPPORT # 2……………....INR 29770
Happy Trading
Rahul Kumar
Gold Analysist (Spot & Future)
Call me : 969-0022-884
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