MCX Gold August bounded in tight range of 12250-12334 follwing tight range in currecny segment.
International Spot gold currently trading at $886, mainly trading in range of 880.70 -888, need to break out of major support or resistnace to confirm fresh direction.
Technical Commentary :
Technical are neutral to bearish signaling sideways to lower prices in the near term. Initial support for the market is around 869 levels. If broken can see further fall to 854 and 841 , Pivot level is seen at 882,If market holds above 897 further rally can be seen towards 910 and 927
Currency Factor:
Markets are bounded in tight range today as consolidation continues. Main focus in the European session is BoE meeting minutes which is expected to show a 1-8 vote to keep rates unchanged earlier this month.
Nevertheless, the impact on the markets could be mild even in case of surprises as the minutes itself is not really expected to deliver much newer information than Governor's King's open letter to Chancellor Darling released yesterday.
Other data to be released today included Swiss ZEW which is expected to drop further to -60.8 in Jun. UK CBI industrial trend is expected to drop further to -12 in Apr. Canadian leading indicators will be released in the US session and is expected to climb 0.1% in May.
Regards ,
Kamlesh Jogi
Subscribe To Commoditytalk !
Posts
Comments
