Commodity Trading Tips for Gold by KediaCommodity
Gold bounced as jewelers, physical buyers and bargain hunters, especially in Asia, took advantage of lower prices. Indians, the world's biggest buyers of bullion, took gold's latest tumble as another incentive to buy on Akshaya Tritiya, one of the major gold-buying festivals, and as India's wedding season gathered pace. India's gold market is almost entirely fed by imports, which are expected to climb 64 percent to as much as 550 tonnes in 2011 with a normal monsoon forecast which may help farm incomes recover after a severe drought in 2009 slashed spending power. Now technically market is trading in the range as RSI for 18days is currently indicating 51.89, where as 50DMA is at 21493.9 and gold is trading above the same and getting support at 21839 and below could see a test of 21798 level, And resistance is now likely to be seen at 21927, a move above could see prices testing 21974.
Trading Ideas:
Gold trading range is 21798-21974.
Gold gained as jewelers, physical buyers and bargain hunters took advantage of lower prices
Gold looks to take support at 21839 and resistance at 21927.
Spdr gold trust holdings fell by 3.03 tonnes to 1205.39 tonnes