Bullions continued trading in the positive range on the back of pessimist US and Europe pushing higher heaven demand. Gold kept on ranging all time highs, it hits record in biggest 3-day rally since 2008. But Weaker Industrial details has resulted into range bound Silver.
Gold is trading very volatile making highs of $1782 on the back of the US Downgrade news where negative in the later sessions backed by Fed meeting expectation. Gold touched 26160 at the MCX front.
Silver is not following Gold by trading in the range bound manner between 58000 and 61000 from past few days where as $37 to $41 at COMEX.
After ranging for the highest daily change in Holdings since May 25 Last year, SPDR held its holdings constant at near record of 1309.93 tonnes today. Gold exchange-traded funds, or ETFs in India, had 61.2 billion rupees ($1.36 billion) in assets as of July 31, compared with 19.7 billion rupees a year earlier, according to data on the Association of Mutual Funds of India website.
Investors added 2.34 billion rupees during July, the data showed.
After the recent turm oil in the commodity prices we expect the prices to trade in continuation backed by weaker greenback as well as Euro zone crisis.
Gold: S1 25730, S2 25400, R1 25890 R2 26000
Silver: S1 57000, S2 56500 R1 58000 R2 58500
Courtesy: Edelweiss Comtrade Limited Research
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