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Tuesday, August 4, 2009

gold

MUMBAI: Gold climbed during the London session on the back of rallying
equity markets, weaker USD and stronger oil prices. It traded
erratically, slipping lower, finding support near 14796.

It gathered momentum as the dollar continued to soften and equity
markets strengthened. It remained well bid on investor demand, carrying
the metal to an intraday high o 14888. However heavy profit taking as
the day unwound, dragged gold to a low of 14751, before settling at 14769.

Now support for the gold MCX is seen at 14717 and below could see a test
of 14666. Resistance is now likely to be seen at 14854, a move above
could see prices testing 14940.

Trading Ideas:
GOLD TRADING RANGE IS 14400-15000.
YESTERDAY ONCE AGAIN GOLD SUPPORTED BY DOLLAR AND CRUDE PRICES.
BUY GOLD OCT @14700-735 SL 14675 TGT 14756-14790-14818-14845.MCX
SPOT GOLD IS FIRM BUT RUPEE FIRMNESS WILL CREATE PRESSURE
NOW IMP RES IS AT 964$ ABV THIS A RALLY TILL 970-978$ IS EXPECTED

Posted by appleadvisory at 8/04/2009 06:12:00 AM

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