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Gold set to trade in wider range, $1020-1100 |
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Last week, Gold prices opened the week at 15964 initially made a high of 16014, then fell sharply lower, but found strong support at 15810 levels. Later prices recovered towards 15977 and finally ended the week with a loss of Rs.23 to close at 15956.
TREND: NEUTRAL
TRADING LEVELS:
This week market is expected to find good support at 15900- 15870 levels. And strong support is seen at 15650-15620 levels.
Trading below 15620 would lead to lower prices initially towards 15524 then 15370 and then finally towards 15294 levels.
Resistance is observed in the range of 16100-16130. And strong resistance is seen at 16260-16290.
Trading above 16300 would lead to higher prices initially towards 16383 then 16505 and then finally towards 16597.
Recommendation: Neutral
Courtesy: Angel Commodities
Get big time earning in global commodities. |
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| Technical Calls |
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Gold can touch $1,225 per ounce by next week |
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What Eric is saying here also lies in the shortening of the steps in the stair step gold action. At new highs, such as now, this formation is a rare set up suggesting an exponential rise.
Rev. Doug, who is no slouch when it comes to gold, anticipat |
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Gold price will double $1,150: Jim Rogers |
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The most bullish investor on gold these days seems to be the global commodities investor Jim Rogers. Rogers, based in Singapore, and a big investor in the Chinese commodities market says, gold price should double the current $1,150 per ounce level. |
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Gold price to average $1,140: Barclays Capital |
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Barclays Capital says gold prices will average $1,140 per ounce in 2010, says Barclays Capital. "We expect prices to maintain their upward momentum through to at least the first half of 2010, where we expect prices to average $1,140 in the second qu |
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Crude oil futures continued to trade down in mid London trade Friday as the US dollar strengthened against the major currencies apart from a dip in the global equities. |
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Gold futures fell in negative zone as dollar gathered some strength in mid London trades. Dollar typically strengthens when there are less data releases from US. |
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MCX Comdex was up by 2.35% to 2694.17. MCX Energy was down by 0.22% to 2651.55, MCX Metal was up by 3.70% to 3226.02 and MCX Agri was up by 4.84% to 2255.10. |
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