Gold falls after House approves bailout plan and the dollar rose against euro, Gold futures for December delivery fell $11.10, or 1.3 percent, to $833.20 an ounce on the Comex division of the New York Mercantile Exchange.
Now support for the gold MCX is seen at 12477 and below could see a test of 12240. Resistance is now likely to be seen at 13097, a move above could see prices testing 13480.
Trading Ideas:
TRADING RANGE IS 12470-13100.
BUY GOLD @ 12680-710 SL 12656 TGT 12748-12762-12790.MCX
AS PER EXPECTATION YESTERDAY GOLD HAS TAKEN THE SUPPORT AT 820$
BUT STILL MKT LOOK TO HAVE SOME MORE DIP TILL 780$ OR BELOW .
Courtesy: JRG Wealth Management
