GOLD ROCKSSSSSSSSS HIT FIRST TGT 29350 MADE HIGH OF 29391!!!!!!!!!!!!
GOLD : Gold rebounded on Wednesday as the U.S.
dollar turned lower, shrugging off a turn higher in global shares and
better-than-expected U.S. economic data. San Francisco Federal Reserve
President John Williams said there has been no substantial change in his
outlook on the U.S. economy or his opinion on the number of times the Fed
should raise interest rates this year and next. Bullion, seen as a shelter for
risk-averse investors, has rallied more than 16 percent this year in the face
of tumbling equities and fears of a global economic slowdown. Shares on major
equity markets hit their highest in nearly two months and U.S. government bond
yields touched their highest in almost four weeks as strong U.S. economic data,
showing private employers added 214,000 jobs in February, tempered fears of a
global economic slowdown. Investors will be watching more U.S. data to gauge
the impact on stocks and the Federal Reserve's monetary policy, with the most
important release being non-farm payrolls on Friday. Outlook We expect gold
prices to trade positive on the back of dovish statements by US Federal Reserve
members.
The
above is hourly chart of Gold. It suggests that prices are recovering on the
upside after
making low of 29079. However, it has some hurdle at 29400 levels,
which if crosses then prices may rise towards 29680 levels.
Trading
Call: Buy above 29400 levels with a stop loss placed below 29220 levels for
target of 29680 levels
SILVER: The above is hourly chart of Silver. It
suggests that prices are likely to give breakout from top to top trend line. It
has immediate support at 36050 levels. It has potential to rise towards 36990
levels.
Trading
Call: Buy around 36400 levels with a stop loss placed below 36050 levels for
targets of 36990 levels
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