AHMEDABAD : International spot gold yesterday closed at 1689.84 and opened at 1693 today and may remain in pressure for the day as dollar index is continuously moving up-side.
MCX gold gives negative opening as there was a pressure on Indian Rupee. Additionally, traders starts compensating the loss of equity market, forced them to sell-off there precious metals, and to liquify there assets. Debt problems erupted in Europe and US have pressured markets, turns in S&P 500 down more than 7 per cent over couple of the sessions.
MCX gold may remain sideways for the session following the thanks giving day in US, important resistance and support points are given as under :-
|
Commodity |
Contract |
Exchnage |
Trend |
CLOSE |
R3 |
R2 |
R1 |
PIVOT |
S1 |
S2 |
S3 |
|
Gold |
DEC |
MCX |
Sideways |
28780 |
29363 |
29030 |
28905 |
28697 |
28572 |
28364 |
28031 |
|
Silver |
DEC |
MCX |
Sideways to Bearish |
55846 |
60070 |
57933 |
56889 |
55796 |
54752 |
53659 |
51522 |
Technically, however the yellow metal will be in oversold zone as it enters below 28450 which will a buying opportunity for risky traders, one can buy with stop loss of Rs. 28385 for the target of Rs. 28650-28730, says Hardik Jani, research analyst with Commodity Online.
To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com
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