Commodity Outlook For Gold By KediaCommodity : Gold prices climbed as investors purchased the safe-harbor asset on reports of artillery fire between North and South Korea and concerns over Europe’s sovereign debt troubles. Some buyers were also purchasing gold to hedge against rising macroeconomic risk in Europe, where sovereign debt remains a problem. Gold started the day at 20154 making a quick dip to its intraday low of 20150 shortly after the open. Investors seeking safe haven assets after tensions between North and South Korea took gold higher despite dollar strength. Triggering stops around the 20360 and 20420 levels, the metal eventually reached its high of 20549 late in the session. Gold quietly ended the day at 20512.Now support for the gold MCX is seen at 20258 and below could see a test of 20005. Resistance is now likely to be seen at 20657, a move above could see prices testing 20803.
Trading Ideas:
Gold trading range is 20005-20803.
Gold prices rose on news that North and South Korea exchanged fire
Gold looks to take support at 20380 and resistance at 20650.
Holdings in the gold ETF of Zurich Cantonal Bank rose 21,572 troy ounces to 5.931 million ounces. 5
No comments:
Post a Comment