GOLD SETTLE $ 1608.10 UP $ 31.90
Yesterday gold able to close above $ 1600 after strugling continously last three week.
The top two news helping gold settle higher, First increased optimism about more
potential monetary easing in the U.S. and Second news that one European Central Bank
council member saw arguments in favor of granting the European Stability
Mechanism a banking license.
The member of FOMC prepare for a two days meeting early in the August.
There is an ongoing expectation of many traders that the Fed might actually
introduce another round of monetary easing, which would be positive for prices
TECHNICALY VIEW
The initial resitence laying in the market yesterday high $ 1610 and after that
100 DMA $ 1624.10 and the Major support at $ 1588.40 the 50 DMA.
Today also experition of August contratct option. Gold moving the entire contract
between $ 1560 to $ 1610 range and seeing some volatility within the range.
RECOMMENDATION
Buy the break of yesterday's 1610.0 high, or even earlier if price can demonstrate strength above 1598 level of the Daily Pivot. But stand prepared to exit or even reverse if we get appropriate price reversal patterns and/or Oscillator Divergence near important resistance levels. Our Normal High Range Projection level of 1624.1 or the Extended High Range Projection level of 1636.4 would be likely areas for such a reversal to take place, as would be a test and failure of yesterday's high.
TODAY LEVEL
RESISTENCE #2............................ $ 1630
RESISTENCE #1............................ $ 1620
PIVOT......................................... .. $ 1598
SUPPORT #1................................ .$ 1587
SUPPORT #2................................ .$ 1567
MCX
RESISTENCE #2............................ INR 30030
RESISTENCE #1............................ INR 29930
PIVOT.......................................... . INR 29760
SUPPORT #1................................ .INR 29670
SUPPORT #2................................ .INR 29500
Happy Trading
Rahul Kumar
Gold Specialist
Call me : +91 895-8173-410
http://www.hansrajconsualtant.tk/
Yesterday gold able to close above $ 1600 after strugling continously last three week.
The top two news helping gold settle higher, First increased optimism about more
potential monetary easing in the U.S. and Second news that one European Central Bank
council member saw arguments in favor of granting the European Stability
Mechanism a banking license.
The member of FOMC prepare for a two days meeting early in the August.
There is an ongoing expectation of many traders that the Fed might actually
introduce another round of monetary easing, which would be positive for prices
TECHNICALY VIEW
The initial resitence laying in the market yesterday high $ 1610 and after that
100 DMA $ 1624.10 and the Major support at $ 1588.40 the 50 DMA.
Today also experition of August contratct option. Gold moving the entire contract
between $ 1560 to $ 1610 range and seeing some volatility within the range.
RECOMMENDATION
Buy the break of yesterday's 1610.0 high, or even earlier if price can demonstrate strength above 1598 level of the Daily Pivot. But stand prepared to exit or even reverse if we get appropriate price reversal patterns and/or Oscillator Divergence near important resistance levels. Our Normal High Range Projection level of 1624.1 or the Extended High Range Projection level of 1636.4 would be likely areas for such a reversal to take place, as would be a test and failure of yesterday's high.
TODAY LEVEL
RESISTENCE #2............................ $ 1630
RESISTENCE #1............................ $ 1620
PIVOT......................................... .. $ 1598
SUPPORT #1................................ .$ 1587
SUPPORT #2................................ .$ 1567
MCX
RESISTENCE #2............................ INR 30030
RESISTENCE #1............................ INR 29930
PIVOT.......................................... . INR 29760
SUPPORT #1................................ .INR 29670
SUPPORT #2................................ .INR 29500
Happy Trading
Rahul Kumar
Gold Specialist
Call me : +91 895-8173-410
http://www.hansrajconsualtant.tk/
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