GOLD SETTLE ON MONDAY $ 1616.20 (GCZ12)
Leading up to last week's news, markets finished strong in anticipation of favorable news from multiple central banks, most importantly the United States and the ECB. Mario Draghi released a statement suggesting he would take any and all measures necessary to protect the Euro, and his statements were later backed by Germany and France. A strong Euro dropped the value of the US Dollar, and the buying in markets like the precious Metals ensued.
According to my analysis (which should be confirm Tuesday closing) the Precious metals mkt trading at stage, where buying on dip will be better opetion to trade. I think with the 70-80% probabilty the gold bugs not get chance to buy gold and silver below $ 1580 and $ 27 respectively. Now the main resitence laying at $ 1646 which can be tested end of this week.
TODAY LEVEL
RESISTENCE #2.......................... $ 1627
RESSITENCE #1...........................$ 1621
PIVOT ..........................................$ 1613
SUPPORT #1................................$ 1608
SUPPORT #2................................$ 1600
MCX
RESISTENCE #2.......................... INR 30070
RESSITENCE #1...........................INR 30000
PIVOT ..........................................INR 29930
SUPPORT #1................................INR 29850
SUPPORT #2................................INR 29780
Happy Trading
Rahul Kumar
Gold Specialist (Spot & Future)
Call me : +91 895-8173-410
For Corporate clients : Call timing 6.00-8.00 PM (Indian timing)
Leading up to last week's news, markets finished strong in anticipation of favorable news from multiple central banks, most importantly the United States and the ECB. Mario Draghi released a statement suggesting he would take any and all measures necessary to protect the Euro, and his statements were later backed by Germany and France. A strong Euro dropped the value of the US Dollar, and the buying in markets like the precious Metals ensued.
According to my analysis (which should be confirm Tuesday closing) the Precious metals mkt trading at stage, where buying on dip will be better opetion to trade. I think with the 70-80% probabilty the gold bugs not get chance to buy gold and silver below $ 1580 and $ 27 respectively. Now the main resitence laying at $ 1646 which can be tested end of this week.
TODAY LEVEL
RESISTENCE #2.......................... $ 1627
RESSITENCE #1...........................$ 1621
PIVOT ..........................................$ 1613
SUPPORT #1................................$ 1608
SUPPORT #2................................$ 1600
MCX
RESISTENCE #2.......................... INR 30070
RESSITENCE #1...........................INR 30000
PIVOT ..........................................INR 29930
SUPPORT #1................................INR 29850
SUPPORT #2................................INR 29780
Happy Trading
Rahul Kumar
Gold Specialist (Spot & Future)
Call me : +91 895-8173-410
For Corporate clients : Call timing 6.00-8.00 PM (Indian timing)
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