GOLD SETTLE $ 1609.40 LOWER $ 12.40
The session yielded light volume as traders may have taken profits as the U.S Dollar gained strength against the Euro . YESTERDAY European Central Bank Governing Council member Jens Weidman said the results of last month’s European summit didn’t bring any clarity as to the direction the monetary union is taking according Bloomberg. So once again the news from the Euro region is sketchy at best. Traders and investors alike may also be sidelined awaiting UNEMPLOYMENT data due out at 6.00 PM TODAY.
TECHNICALLY
Technically Gold return Major resistence $ 1625-27 (watch weekly report of July 02) and made low $ 1597. The same with Silver, not able to move above $ 28.55 (monthly resistence) ........ looks what the Charts tell us :
1. Both the monthly and weekly charts are in downtrends.
2. The weekly chart has a previous sell that is still intact.
3. On the daily chart silver rallied up to market resistance and has started to sell off.
4. On the daily chart silver attempted to get over the 20 day ma both Tuesday and today and failed.
5. On the daily chart the recent rally could be the setup for another wave down.
6. Today was an inside day that can trigger a signal and market direction.
RECOMMENDATION : WE ARE NOT TAKING ANY POSITION DURING DAY TRADING.....WAITING FOR ( UNEMPLOYMENT BENIFIT) DATA RELEASE AT 6.00PM
MARKET BIAS : NEGATIVE
TODAY LEVEL
RESISTANCE # 2…………. $1637.00
RESISTANCE # 1…………. $1622.00
PIVOT…………………...... .$1610.00
SUPPORT # 1……………....$1596.00
SUPPORT # 2……………....$1583.00
MCX LEVEL
RESISTANCE # 2…………. INR 29960
RESISTANCE # 1…………. INR29860
PIVOT…………………...... .INR 29710
SUPPORT # 1……………....INR 29600
SUPPORT # 2……………....INR 29460
Happy Trading
Rahul Kumar
Gold Analysist
Hansraj Stocks and Commodity Consualtant
http://hansrajconsualtant.tk/
Call me for trade set-up : 969-0022-884
The session yielded light volume as traders may have taken profits as the U.S Dollar gained strength against the Euro . YESTERDAY European Central Bank Governing Council member Jens Weidman said the results of last month’s European summit didn’t bring any clarity as to the direction the monetary union is taking according Bloomberg. So once again the news from the Euro region is sketchy at best. Traders and investors alike may also be sidelined awaiting UNEMPLOYMENT data due out at 6.00 PM TODAY.
TECHNICALLY
Technically Gold return Major resistence $ 1625-27 (watch weekly report of July 02) and made low $ 1597. The same with Silver, not able to move above $ 28.55 (monthly resistence) ........ looks what the Charts tell us :
1. Both the monthly and weekly charts are in downtrends.
2. The weekly chart has a previous sell that is still intact.
3. On the daily chart silver rallied up to market resistance and has started to sell off.
4. On the daily chart silver attempted to get over the 20 day ma both Tuesday and today and failed.
5. On the daily chart the recent rally could be the setup for another wave down.
6. Today was an inside day that can trigger a signal and market direction.
RECOMMENDATION : WE ARE NOT TAKING ANY POSITION DURING DAY TRADING.....WAITING FOR ( UNEMPLOYMENT BENIFIT) DATA RELEASE AT 6.00PM
MARKET BIAS : NEGATIVE
TODAY LEVEL
RESISTANCE # 2…………. $1637.00
RESISTANCE # 1…………. $1622.00
PIVOT…………………...... .$1610.00
SUPPORT # 1……………....$1596.00
SUPPORT # 2……………....$1583.00
MCX LEVEL
RESISTANCE # 2…………. INR 29960
RESISTANCE # 1…………. INR29860
PIVOT…………………...... .INR 29710
SUPPORT # 1……………....INR 29600
SUPPORT # 2……………....INR 29460
Happy Trading
Rahul Kumar
Gold Analysist
Hansraj Stocks and Commodity Consualtant
http://hansrajconsualtant.tk/
Call me for trade set-up : 969-0022-884
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