Commodity Outlook for Gold by KEDIACOMMODITY
Gold yesterday as per expectation backed down from records hit overnight, accelerating losses as the U.S. dollar bounced and extended gains. Gold opened at 16795 and retreated during the early morning, finding support near 16780. Moderate dealer buying carried it from this level and managed to rally to an intraday high of 16884.
However this move reversed as the dollar advanced and equity markets slumped. Oil prices later tumbled as inventories far surpassed expectations and gold continued to fall, reaching a low of 16752. Light buying near the latter end of the session helped it recover from its lows to close at 16767.Now support for the gold MCX is seen at 16718 and below could see a test of 16669. Resistance is now likely to be seen at 16850, a move above could see prices testing 16933.
GOLD TRADING RANGE IS 16550-16950.
GOLD RETREATS FROM RECORD HIGH 1123$ AS DOLLAR RISES .
BUY GOLD DEC @ 16725-16740 SL 16690 TGT 16762-16788-16805.MCX.
SPDR GOLD TRUST HOLDINGS UNCHANGED AT 1,114.443 TONNES.
ON MCX GOLD HAD GOT SUPPORT FROM THE RUPEE FACTOR WHICH HAD SHOWN WEAKNESS.
GOLD / SILVER RATIO IS AT 63.85. YESTERDAY GOLD FIX $ HAS CLOSED LOWER AT : 1114.75.