Business News : Commodity Outlook For Gold By Kedia Commodity , Gold settled in the red as flat U.S. inflation data and a deteriorating debt situation in Ireland pushed investors to the sidelines. Gold traders continued to watch Ireland for news of a possible bailout as market speculation about the euro-zone member’s debt problems continued. Gold is closing lower for the fourth consecutive day at 19910. Gold traded in a tight 19850 to 20050 range and was unable to gain any traction.
Risk remains for down side price action with 19600 and 19200 representing support. Market will look to sell any bounce toward 20200. Now support for the gold MCX is seen at 19845 and below could see a test of 19781. Resistance is now likely to be seen at 20009, a move above could see prices testing 20109.
Trading Ideas:
Gold trading range is 19781-20109.
Gold slips yesterday on easing inflation worries
Gold looks to take support at 19845 and resistance at 20000.
U.S. gold exports fell 44.7% in September from previous month, but was up 0.4% from previous year
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