Thursday, January 13, 2011

Mcx Gold Tips

Over all short term trend is bearish.
Below 20500 short term weakness........down side support 20000-19900, decisively break with volume further weakness. Higher level resistance 20500-20520.... Down side support 20300.... Just watch Dollar Index...... over are trend is bullish.. so where is the gold move....

We are saying this since last 4 session that gold is facing resistance at 20500. Gold not able to cross and sustain even 20490. 

Yesterday again gold faced selling pressure from 20500 and drop down till 20400. Today again selling pressure will continue till 20500. Above this level, it may shoot till 20570. Downside, it will take support at 20350 and then 20303.

On the domestic front, gold imports by India, the biggest bullion consumer, likely reached a record last year driven by investment demand, according to the World Gold Council. 

Purchases were about 800 metric tons, compared with 557 tons in 2009, an industry expert said today.

Gold for February contract is trading at Rs 20,426.00 against Previous close price of Rs 20,429.00 (down by 0.01%). (At 5:21 P.M today)

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