GOLD SETTLE $ 1589.10 HIGHER $ 10.10
Short covering and bargain-hunting buying interest were main featured Monday, following Friday’s sharp losses. Trading has turned choppy and sideways in the gold market as the bulls and bears struggle for near-term control with neither able to maintain much of an edge.
News that, Euro area finance ministers agreed early Tuesday on the terms of a bailout for Spains troubled banks, saying that €30 billion ($36.88 billion) can be ready by end of this month. The market place is now awaiting Wednesday’s FOMC minutes from the Federal Reserve for any clues on U.S. monetary policy actions upcoming. The recent dour world economic news, including last Friday’s U.S. jobs report and Monday’s fresh data from China and the EU, raises the specter of price deflation. Price deflation is the enemy of most markets, especially commodity markets and including gold and silver.
TODAY LEVEL
RESISTENCE # 2............................ $ 1602
RESISTENCE # 1.............................$ 1595
PIVOT .............................................$ 1586
SUPPORT #1...................................$ 1579
SUPPORT #2...................................$ 1570
MCX LEVEL
RESISTENCE # 2............................ INR 29760
RESISTENCE # 1.............................INR 29700
PIVOT .............................................INR 29630
SUPPORT #1...................................INR 29560
SUPPORT #2...................................INR 29500
Happy Trading
Rahul Kumar
Gold Specialist
Call me : 969-0022-884
Join US : http://www.hansrajconsualtant.tk/
Short covering and bargain-hunting buying interest were main featured Monday, following Friday’s sharp losses. Trading has turned choppy and sideways in the gold market as the bulls and bears struggle for near-term control with neither able to maintain much of an edge.
News that, Euro area finance ministers agreed early Tuesday on the terms of a bailout for Spains troubled banks, saying that €30 billion ($36.88 billion) can be ready by end of this month. The market place is now awaiting Wednesday’s FOMC minutes from the Federal Reserve for any clues on U.S. monetary policy actions upcoming. The recent dour world economic news, including last Friday’s U.S. jobs report and Monday’s fresh data from China and the EU, raises the specter of price deflation. Price deflation is the enemy of most markets, especially commodity markets and including gold and silver.
TODAY LEVEL
RESISTENCE # 2............................ $ 1602
RESISTENCE # 1.............................$ 1595
PIVOT .............................................$ 1586
SUPPORT #1...................................$ 1579
SUPPORT #2...................................$ 1570
MCX LEVEL
RESISTENCE # 2............................ INR 29760
RESISTENCE # 1.............................INR 29700
PIVOT .............................................INR 29630
SUPPORT #1...................................INR 29560
SUPPORT #2...................................INR 29500
Happy Trading
Rahul Kumar
Gold Specialist
Call me : 969-0022-884
Join US : http://www.hansrajconsualtant.tk/
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