Commodity Outlook for Gold by Kedia Commodity

Commodity Outlook for Gold by Kedia CommodityGold rose on speculation that Greek debt concerns will spur demand for the metal as an alternative to holding currency. European ministers pressured Greece to rein in budget deficits and refused to say how they would rescue the nation if it can't contain its debt. Gold opened at 16622 and briefly slipped touching a low of 16615. Good investment demand carried the metal off its lows and buying was constant for much of the day as the dollar tumbled. Stronger equity markets helped the metal climb to an intraday high of 16793.

Finally settling at 16731, now technically market is trading in the range as RSI for 18days is currently indicating 56.37, where as 50DMA is at 16665 and gold is trading above the same and getting support at 16633 and below could see a test of 16535 level, And resistance is now likely to be seen at 16811, a move above could see prices testing 16891.

Trading Ideas:

Gold trading range is 16535-16891.

Gold rose as central banks in the U. S., the U. K. and European Union kept lending rates low to revive growth.

Greek debt concerns will spur demand for the metal as an alternative to holding currency.

Gold is trading well above 1108$ now look to touch 1126$ in todays trading session.

BUY GOLD APR @ 16650-670 SL 16618 TGT 16695-16722-16760.MCX (EVE WEAK)

GOLD / SILVER RATIO IS AT 69.35. YESTERDAY GOLD FIX $ HAS CLOSED LOWER AT : 1115.25