GOLD SETTLE $ 1589.50 LOWER $ 2.20
Yesterday market moving between our resistence and support level.
Nothing has changed here since last week’s words as Europe saw a relatively quiet week. In fact, August gold touched $1555 last Thursday and bounced to $1596 by Friday. I expect a drift up to $1630.
Federal Chairman Ben Bernanke, speaking before the Senate Banking Committee, sent a “neutral message” on the Federal Open Market Committee’s inclination to provide further monetary easing at its
July 31-Aug 01 meeting.
OUR VIEW TECHNICALLY AND FUNDAMENTLY TILL THAT
Buying near $1560, risking below $1548 or selling near $1624-30, risking above $1650 and being patient in between seems to be the best option right now. Another idea is an option strangle where you sell calls above the market and puts below the market to try and take advantage of the trading range.
Silver: September silver saw highs near $27.50 and lows near $26.50 during the past week. This type of action should continue with a weaker bias as breaks come easier than rallies of late for silver.
TODAY TRADE LEVEL
RESISTENCE #2......................... $ 1613
RESISTENCE #1......................... $ 1601
PIVOT ........................................ $ 1586
SUPPORT #1.............................. $ 1574
SUPPORT #2.............................. $ 1559
MCX
RESISTENCE #2......................... INR 29460
RESISTENCE #1......................... INR 29360
PIVOT ........................................ INR 29270
SUPPORT #1.............................. INR 29180
SUPPORT #2.............................. INR 29100
Happy Trading
Rahul Kumar
Gold Specialist (Spot & Future)
Call me for trade set-up: (+91) 895-817-3410
Join us : http://www.hansrajconsualtant.tk/
Yesterday market moving between our resistence and support level.
Nothing has changed here since last week’s words as Europe saw a relatively quiet week. In fact, August gold touched $1555 last Thursday and bounced to $1596 by Friday. I expect a drift up to $1630.
Federal Chairman Ben Bernanke, speaking before the Senate Banking Committee, sent a “neutral message” on the Federal Open Market Committee’s inclination to provide further monetary easing at its
July 31-Aug 01 meeting.
OUR VIEW TECHNICALLY AND FUNDAMENTLY TILL THAT
Buying near $1560, risking below $1548 or selling near $1624-30, risking above $1650 and being patient in between seems to be the best option right now. Another idea is an option strangle where you sell calls above the market and puts below the market to try and take advantage of the trading range.
Silver: September silver saw highs near $27.50 and lows near $26.50 during the past week. This type of action should continue with a weaker bias as breaks come easier than rallies of late for silver.
TODAY TRADE LEVEL
RESISTENCE #2......................... $ 1613
RESISTENCE #1......................... $ 1601
PIVOT ........................................ $ 1586
SUPPORT #1.............................. $ 1574
SUPPORT #2.............................. $ 1559
MCX
RESISTENCE #2......................... INR 29460
RESISTENCE #1......................... INR 29360
PIVOT ........................................ INR 29270
SUPPORT #1.............................. INR 29180
SUPPORT #2.............................. INR 29100
Happy Trading
Rahul Kumar
Gold Specialist (Spot & Future)
Call me for trade set-up: (+91) 895-817-3410
Join us : http://www.hansrajconsualtant.tk/
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