GOLD TREND FOR JULY 24th (TUE)

GOLD SETTLE $ 1577.40 LOWER $ 5.40

The Yellow metal did last night exactly, what I expect in my weekly report. 
Gold made a low $ 1562 and closed after a good bounce.  The first point of interest
is today's low in Gold.
 It will be important in this week's trade for Gold to hold this low .
Technically, a failure here would suggest a retest of the May lows
around $1530, and below that price, there would likely be very heavy selling
pressure. If the market can hold yesterday's  low, I believe the first target
to the upside would be the 50day moving average ($ 1588.30), then an even
price of $1600. Closes above $1600 would be a very welcome sign for Gold Bugs,
but this will be no easy task against a very strong US Currency to begin the
week. 

The euro was further weighed down by a report in the German magazine
Der Spiegel saying that the International Monetary Fund may stop aid
payments to Greece, raising prospects that the nation will become insolvent.

RECOMMENDATION : WE BOUGHT GOLD YESTERDAY NIGHT $ 1565 AND NOW
HOLD WITH A STOP $ 1562 CLOSING BASIS FOR TGT $ 1587 AND $ 1600 THROUGH
$ 1630

TODAY LEVEL

RESISTENCE #2........................ $ 1595
RESISTENCE #1........................ $ 1587
PIVOT ....................................... $ 1575
SUPPORT #1............................. $ 1565
SUPPORT #2............................. $ 1553

MCX

RESISTENCE #2........................ INR 29590
RESISTENCE #1........................ INR 29520
PIVOT ....................................... INR 29410
SUPPORT #1............................. INR 29330
SUPPORT #2............................. INR 29230

Happy Trading

Rahul Kumar
Gold Specialist

Call me +91 895-8173-410

http://www.hansrajconsualtant.tk/