GOLD SETTLE $ 16.90 HIGHER $ 3
Many traders and investors may be waiting on the side-lines awaiting news from TODAY European Central Bank Officials meeting and more importantly FOMC Chairman Ben Bernanke’s testimony before U.S Lawmakers on Thursday. If in fact there is more easing it should prove “ very bullish” for the precious metals
It appears Spain went begging to the ECB today to borrow 119.4 bln euros to get them through the next seven days. That's more than double the amount needed a week ago. Greek hit up the ECB yesterday was well. Needless to say the central bank governors and G7 finance ministers are having meetings yesterday and today yet refusing to print money. It appears the reason is that there is a standoff between those who want to print like mad and those who don't.
The ECB will probably extend loans, lower interest rates, etc. for now and that will probably give hope that the situation is being contained. By viewing the markets overall it appears they are somewhat oversold and pausing to possibly set up for some interim rallies. They in no way are indicating that they will be sustained rallies in the sense of major turnarounds.
As I posted regularly since last Friday, I am not more bearish in yellow metals and keeping my projection for Gold future $ 1670 leter this week or sooner next week. The last two days of week (Thu-Fri) containing more news event which having major impect on yellow metals movement keep watch.
Silver projection $ 30.23 and $ 31 ( adding position above $ 29.03 closing)
TODAY LEVEL
RESISTANCE # 2………….$1630.00
RESISTANCE # 1………….$1623.00
PIVOT………………..…… $1618.00
SUPPORT # 1……………...$1611.00
SUPPORT # 2……………...$1606.00
MCX
RESISTANCE # 2………….INR 30190
RESISTANCE # 1………….INR 30110
PIVOT……………… …… INR 30020
SUPPORT # 1……....……...INR 29940
SUPPORT # 2……………...INR 29860
Happy trading
Rahul Kumar
Gold Analysist
Head, Hansraj Stocks and Commodity Consualtant
Call me for trade set-up : 969-0022-884
Many traders and investors may be waiting on the side-lines awaiting news from TODAY European Central Bank Officials meeting and more importantly FOMC Chairman Ben Bernanke’s testimony before U.S Lawmakers on Thursday. If in fact there is more easing it should prove “ very bullish” for the precious metals
It appears Spain went begging to the ECB today to borrow 119.4 bln euros to get them through the next seven days. That's more than double the amount needed a week ago. Greek hit up the ECB yesterday was well. Needless to say the central bank governors and G7 finance ministers are having meetings yesterday and today yet refusing to print money. It appears the reason is that there is a standoff between those who want to print like mad and those who don't.
The ECB will probably extend loans, lower interest rates, etc. for now and that will probably give hope that the situation is being contained. By viewing the markets overall it appears they are somewhat oversold and pausing to possibly set up for some interim rallies. They in no way are indicating that they will be sustained rallies in the sense of major turnarounds.
As I posted regularly since last Friday, I am not more bearish in yellow metals and keeping my projection for Gold future $ 1670 leter this week or sooner next week. The last two days of week (Thu-Fri) containing more news event which having major impect on yellow metals movement keep watch.
Silver projection $ 30.23 and $ 31 ( adding position above $ 29.03 closing)
TODAY LEVEL
RESISTANCE # 2………….$1630.00
RESISTANCE # 1………….$1623.00
PIVOT………………..…… $1618.00
SUPPORT # 1……………...$1611.00
SUPPORT # 2……………...$1606.00
MCX
RESISTANCE # 2………….INR 30190
RESISTANCE # 1………….INR 30110
PIVOT……………… …… INR 30020
SUPPORT # 1……....……...INR 29940
SUPPORT # 2……………...INR 29860
Happy trading
Rahul Kumar
Gold Analysist
Head, Hansraj Stocks and Commodity Consualtant
Call me for trade set-up : 969-0022-884
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