GOLD SETTLE $ 1615.10 UP BY $ 7
The Gold market extended gains after European Central Bank President Mario Draghi reassured investors that the ECB would do whatever was necessary to preserve the Euro. Mr. Draghi’s comment caused the Euro currency to spike versus the U.S Dollar boosting demand for Gold as an alternative investment. The rally momentum was halted as it reached the $1620-$1625 technical resistance level. The U.S Department of Labor released the Initial Jobless Claims as 353,000. This was much better than the 380,000 that had been projected.
Traders to keep eye on today U S GDP release by 8.30 AM ( 6.00PM Indian time)
RECOMMENDATION : STILL BULLISH FOR TGT $ 1640-45 WITH SL BELOW $ 1599
TODAY LEVEL
RESISTENCE #2......................... $ 1634
RESISTENCE #1......................... $ 1624
PIVOT ........................................ $ 1612
SUPPORT #1.............................. .$ 1602
SUPPORT #2................................$ 1590
MCX
RESISTENCE # 2.......................... INR 29940
RESISTENCE # 1.......................... INR 29870
PIVOT .......................................... INR 29800
SUPPORT #1................................ INR 29725
SUPPORT #2................................ INR 29660
Happy Trading
Rahul Kumar
Gold Specialist
Call me +91 895-8173-410
http://www.hansrajconsualtant.tk/
The Gold market extended gains after European Central Bank President Mario Draghi reassured investors that the ECB would do whatever was necessary to preserve the Euro. Mr. Draghi’s comment caused the Euro currency to spike versus the U.S Dollar boosting demand for Gold as an alternative investment. The rally momentum was halted as it reached the $1620-$1625 technical resistance level. The U.S Department of Labor released the Initial Jobless Claims as 353,000. This was much better than the 380,000 that had been projected.
Traders to keep eye on today U S GDP release by 8.30 AM ( 6.00PM Indian time)
RECOMMENDATION : STILL BULLISH FOR TGT $ 1640-45 WITH SL BELOW $ 1599
TODAY LEVEL
RESISTENCE #2......................... $ 1634
RESISTENCE #1......................... $ 1624
PIVOT ........................................ $ 1612
SUPPORT #1.............................. .$ 1602
SUPPORT #2................................$ 1590
MCX
RESISTENCE # 2.......................... INR 29940
RESISTENCE # 1.......................... INR 29870
PIVOT .......................................... INR 29800
SUPPORT #1................................ INR 29725
SUPPORT #2................................ INR 29660
Happy Trading
Rahul Kumar
Gold Specialist
Call me +91 895-8173-410
http://www.hansrajconsualtant.tk/
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