Commodity Trading Tips for Gold by KediaCommodity

GoldGold prices recoiled from early gains on profit booking after touching a record high with volatility spiking to its highest since November. Concerns about rising inflation in many parts of the world have made precious metals attractive to investors. Participants will be focused on the Federal Open Market Committee meeting Tuesday and Wednesday and the subsequent news conference by Fed Chairman Ben Bernanke. In his first-ever post-policy-meeting press conference, most expect Bernanke to reiterate the current policy of keeping interest rates low and allowing the Fed's "quantitative easing" program to run out in June. Now technically market is trading in the range as RSI for 18days is currently indicating 66.39, where as 50DMA is at 21298.14 and gold is trading above the same and getting support at 21850 and below could see a test of 21714 level, And resistance is now likely to be seen at 22147, a move above could see prices testing 22308.

Trading Ideas:

Gold trading range is 21714-22308.

Gold prices recoiled from early gains after touching a record high on profit booking

Gold looks to take support at 21850 and resistance at 22147.

In spot gold looks to get support at 1484$ and resistance is at 1508$ level.