The two most powerful nations in Euro region namely, Germany & Italy has come to an agreement on addressing Greece's debt crisis curbing demand for the metal as a protection of wealth.
Gold traded volatile in the negative territory touching $1590 where as Silver also lose certain ground by touching $39.50.
Holdings of the SPDR Gold Shares Trust (GLD) gained 20.60 tonnes on the week after increasing by 19.60 tonnes in the previous week. The iShares Silver Trust (SLV) increased its holdings by 169.76 on the week after a gain of 101.55 tonnes in the previous week.
The gloomy economic outlook at US & Europe supports the bull run in Bullions but current happenings of saving the nations may reflect as a price correction. Hence, advisable not to take huge positions either way.
Gold: S1 22900, S2 22800, R1 23100, R2 23200
Silver: S1 58000, S2 57000 R1 59500 R2 60400
Courtesy: Edelweiss Comtrade Limited Research
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