Last Updated : July 30, 2010 17:20
Gold falls drastically, falls 5.9% in July
Fundamental View
The biggest monthly decline in the yellow metal of the year as well as some negatives of will increase the bids. Bullion is set for a third weekly drop and the first monthly slide since March. Prices have slumped 5.9 percent in July, the most since December's 7 percent retreat, and this week fell to a 12-week low as holdings in gold-backed exchange-traded funds slid.
The International Monetary Fund's gold holdings fell 17.4 metric tons in June to 2,933.9 tons, where as Russia's gold assets increased 6.56 tons in June to 709.8 tons, as per the organization's web site details.
Technical View
Yellow metal slid below its 100-day moving average driving towards the strong support level of $1,148 and then to $1,127 with the resistance for the day being $1175/oz. Silver is some what strong supported by base metals with the support level of $17.48 with the corresponding resistance of $18.25
Buy MCX Gold (Aug) above 17800 SL 17720 TGT 17900
Buy Silver (Sept) above 28380 SL 28100 TGT 28900
Courtesy: Anagram Comtrade Limited
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MCX KAPASKHALI 29 February 2012
contract was trading at
Rs 1236 . What's your view on it?
