Gold Hourly update 11 AM : Gold prices are trading at 29610 levels up by 0.2%, Over all trend for gold prices is still bearish, traders may use sell at higher levels strategy for an intraday. Gold prices have resistance of 29660 once breaches this levels it may touch 29720, While lower side prices may touch 29580 if breaks this levels market may fall further and touch 29530
Call Given to Paid Members:
|6/11/2012 11:29||Buy Gold @ 29590-605 T1:29675 T2:29750 SL Below:29470 SecondBuy 29525
Gold Hourly Update 12 PM : Gold prices are trading in narrow range since last one hour ( 29590-29660) at 29630 levels up by 0.30%, Prices have resistance of 29665 levels if breaks this levels next resistance is at 29710 While lower side prices ahve support of 29605 once breaches this level it may touch 29560 levels
Gold Hourly Update 1 PM : Gold prices are trading at 29635 up by 0.30% as we said in previous hour prices are trading in the narrow range. However over all trend for gold prices is still bearish.Gold prices have crucial support of 29600 if breaks this levels it may touch 29560. While resistance levels are 29665 and 29710.
Positional Traders Who Holding Long Positions in Gold as Call Given on 07.06.12 , Buy Given @ 29220-250 (2 Lots),Advised to Book Profit @ Cmp: 29690,Profit of 880 points,Rs.8800+ per Lot – www.Commodity20.com
Gold Update at 2PM: Prices are witnessing support at 29580 then 29530 levels. Break below the same might extend intraday target up to 29450 levels. Resistances are seen at 29665 then 29732 levels. Price might trade in a limited range in the coming hour. Overall expecting prices to trade downside recommend to sell from higher levels.
Gold Hourly Update 3 PM : Gold prices are trading in narrow range since morning, currently is trading at 29670 levels up by 0.4%, prices have broken the resistance levels of 29660, gold prices have next resistance of 29710 and 29750 levels While on the on lower side prices have crucial support of 29600 once breaches this levels it may fall further and touch 29560 levels.
Morning Gold Call is Achieved.
|6/11/2012 15:25||Book Profit in Gold,Target1 Achieved, Cmp:29710 Profit:10000+ per lot – www.Commodity20.com|
Gold Update at 6PM: A trend line resistance is observed near $1598-1600 levels, which is likely to limit the upside gains. As expected if prices sustain below $1598-1600 levels would lead the prices to retest $1588 then $1584 levels. At MCX prices are witnessing a stiff resistance near 29780-29800 levels. Trading range for an hour expected to be 29650-29800 levels. CMP 29740. CMP $1595
Gold Update at 7PM: Gold comex prices have breached the support at $1589 and currently hovering below the same suggests further weakness. Supports are seen at $1582/1576. Key resistance level to watch for intraday is at $1597 levels. Gold August MCX prices have are likely to remain lower and recommend to sell on pullbacks as long as 29780 remains intact. Downside potential is seen until 29540
Gold Update at 8 PM : In the hourly chart we might see some pullbacks towards $1590-1592 levels before resuming its downtrend. Those who wish can go for building shorts with stop loss above $1598 for a possible target price of $1582/1576 levels.
At MCX prices are likely to resume its downtrend as long as 29720 levels remain intact. For intraday traders we suggest selling on pullbacks.( Intraday call: Gold Aug MCX: Sell in the range of 29675-29685 targeting 29620/570 with stop loss above 29720…CMP 29645)
Hard Divergence: please note there is a huge price divergence between domestic and international commodities due to local factor Indian rupee depreciation. This divergence is expected to continue for remaining hours of the day. In the international market prices are trading down which will ultimately keep Indian commodity to trade lower.
Gold prices are down by around $20 from its intraday high while at MCX prices are still up by Rs. 106. So the same is on all the non-agro commodities. In the international front, euro currency is trading at day low at $1.2506 so rupee is certainly expected to open up which will make divergence to prolong.
Gold Update at 9 PM : Sustained trades below $1595 would lead the prices to see correction towards $1582 levels. Trading range for an hour would be $1582-1595 levels. Gold Aug MCX prices are expected to move in the range of 29580-29740 levels. Those who are holding short position can keep stop loss above 29750. CMP 29690. CMP $1590
Gold Update at 10PM: Prices are at $1593.5 levels and it is likely to resume its downtrend if the prices fail to cross above $1598 levels. Expected trading range would be $1586-1598. Only a significant break above $1598 would lead the prices to see some gains till $1605 levels. Gold Aug MCX prices are still witnessing a resistance near 29780-29800 levels, which is likely to limit the upside gains
Gold Update at 11PM: Prices are heading towards resistance level of $1598, which are currently ticking at $1596, up by +5.3 dollars. A break above $1598 would lead the gains towards $1605 levels for intraday. Expected trading range would be $1592-1598 levels. Gold Aug MCX prices are at 29765 levels. On break above 29780-29800 levels it may test 29860/29900 levels.