Commodity Trading Tips for Gold by KediaCommodity

GoldGold ticked up and settled at 30697 after the euro firmed against the dollar, but wary investors stayed on the sidelines as last-ditch attempts by US lawmakers to resolve a fiscal crisis seemed to be getting nowhere. Gold is up around 6 percent for the year and is on track for a 12th straight year of gains on rock-bottom interest rates, concerns over the financial stability of the euro zone, and diversification into bullion by central banks. Efforts to prevent the US economy from tumbling over a "fiscal cliff" stalled on Sunday as Democrats and Republicans remained at loggerheads over a deal that would prevent taxes for all Americans from rising on New Year's Day. Despite losing nearly 3.5% in December, gold is still up almost 5.5% for the year, thanks to a rally in the first half of 2012 driven by ultra-low interest rates and aggressive monetary stimulus from global central banks. Market players remained focused on developments surrounding the fiscal cliff in the US, approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1 unless Democrats and Republicans agree how to cut the deficit. In the week ahead, investors will be eyeing Friday’s highly anticipated data on US nonfarm payrolls, as investors attempt to gauge the strength of the country’s economic recovery. Any improvement in the US economy could scale back expectations for further easing from the Federal Reserve. Now technically market is getting support at 30672 and below could see a test of 30647 levels, And resistance is now likely to be seen at 30713, a move above could see prices testing 30729. GOLD

Gold trading range for the day is 30647-30729.

Gold settled flat as traders priced the market lower while awaiting outcome of last-ditch U. S. budget talks ahead of year-end deadline.

India, the world's biggest buyer of gold, was stocking aggressively for its traditional festive and wedding season

World Gold Council said it expected the rally in bullion to extend into 2013, helped by growing demand for gold in China and India.

Gold is trading below 50DMA, which is at 31544, now intraday gold is holding support at 30647 and resistance at 30729.

SELL GOLD FEB @ 30750 SL 30798 TGT 30715-30678-30640.MCX