BUY GOLD OCT @ 30700 SL 30550 TGT
30880-31000.MCX
Gold: Gold trading range for the day is
30491-31009. Gold gained as the dollar fell on unexpectedly weak U.S.
manufacturing data that raised doubts about the economy's strength. Gold on MCX
settled up 0.16% at 30772 tracking Comex Gold which turned higher from the
day's low where gold touched its lowest level since June 24 at $1,301.91 an
ounce, before settled up by 0.4 percent at $1,317.10 The current gold/silver
ratio sits at 69.548 down from yesterday’s 70.104. The ratio, when looking at
their spot prices, sits at 69.71 . While Holdings of SPDR Gold Trust, fell for
a third straight session. Holdings dropped 0.57 percent to 937.89 tonnes on
Thursday. Technically market is under short covering as market has witnessed
drop in open interest by -3.19% to settled at 8494 while prices up 48 rupee,
now Gold is getting support at 30631 and below same could see a test of 30491
level, And resistance is now likely to be seen at 30890, a move above could see
prices testing 31009.
Outlook: We expect gold prices to trade positive .
R2
|
R1
|
S1
|
S2
|
TREND
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||
GOLD
|
31000
|
30800
|
30500
|
30350
|
BULLISH
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