Commodity Outlook for Gold by KediaCommodity
Gold have extended their record run as comments from a Federal Reserve official put the dollar under pressure and investors bought the metal as a greenback alternative. Gold opened on its lows at 17408 in New York. Good investor demand, stronger oil prices and a weaker USD helped the metal climb to a new all-time high of 17624. However it could not sustain this level as dealers took profit and oil prices tumbled.
The selling continued throughout the remainder of the trade day, pulling gold back towards its lows, finally settling at 17551. Now support for the gold MCX is seen at 17431 and below could see a test of 17312. Resistance is now likely to be seen at 17647, a move above could see prices testing 17744.
Trading Ideas:
GOLD TRADING RANGE IS 17300-17750.
GOLD ENDED HIGHER AS COMMENTS FROM A FED OFFICIAL PUT THE DOLLAR UNDER PRESSURE
BUY GOLD DEC @ 17525-550 SL 17480 TGT 17588-17612-17640-17678.MCX
SPREAD BETWEEN GOLD DEC & FEB CONTRACTS ENDED AT 63. EVE MKT CAN CORRECT ON WEAK DATA
SPDR GOLD HOLDINGS INCREASED BY 3.97 TONNES AND SETTLED AT 1121.46 TONNES
