gold intraday

Gold opened in New York at its high of 944.00/945.00. The dollar rallied on the back of more dovish than expected comments by ECB President Trichet, causing gold to plummet. Prices rallied slightly as oil recovered, but the rally was short lived with the metal spending the rest of the session ticking lower, finally closing at 932.00/933.00. Now support for the gold MCX is seen at 12948 and below could see a test of 12843. Resistance is now likely to be seen at 13213, a move above could see prices testing 13373.


Trading Ideas:

• BUY GOLD @ 13050-13060 SL BELOW 12990 TGT 13090-13128-13156-13180. MCX
• SELL GOLD BELOW 12980 SL 13080 TGT 12925-880-835-760. MCX
• US MARKET CLOSED SO MKT WILL BE EYE CRUDE FOR CLUE AND TRADING FLAT TO NEGATIVE.
• TRADING RANGE IS 12843-13373.


MCXARUN
9994500540