Thursday, June 2, 2011

Gold Updates

GOLD : (June) Today : As mentioned in this column that 22500 is a stiff resistance and fresh up move only above that level...but big sell off were saw resulted over all downward bias and made a low 21891. Now today resistance 22350 watch out and resistance.......?....................reversal to sell side.

Gold updates eased but held in sight of four-week highs on Thursday settled down by -0.8% at 22571 but outlook remained positive as supported by concern about the outlook for U.S. growth and the European debt crisis. Data this week has painted a picture of a U.S. economy that may be running out of steam as companies hired fewer workers than expected, factory activity hit a near-two year low, auto sales slowed and pricier gasoline ate into retailers' sales.

Now technically market is trading in the range as RSI for 18days is currently indicating 55.78, where as 50DMA is at 22255.98 and gold is trading above the same and getting support at 22418 and below could see a test of 22264 level, And resistance is now likely to be seen at 22729, a move above could see prices testing 22886.

Trading ideas for gold updates :
Gold trading range is 22264-22886.
Gold ended moderately lower in see-saw trade, falling more than 1 percent in a profit-taking spree
Gold looks to take support at 22418 and resistance at 22729.
In spot gold looks to get support at 1522$ and resistance at 1540$ level

1 comment:

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