gold intraday

Gold suppot at 903$
09 July 2008 11:49:17

Gold’s continued decline confirms our short term bearish trend reversal pattern as the metal breached (but did not close under) its 100-day moving average, a level that continues to provide short term support. The repeated testing of this level makes us a bit concerned about gold’s ability to hold its own in the short term. Should it break through the 917.30 mark with conviction, we may se a return to $880 in the near future. Now support for the gold MCX is seen at 12743 and below could see a test of 12612. Resistance is now likely to be seen at 13033, a move above could see prices testing 13192.

Trading Ideas:

TRADING RANGE IS 12612-13192.
SELL GOLD @ 12870-900 SL 12955 TGT 12830-786-745-710.
MCX IMP IS 912$ BELOW THT 903$ IS SUPPORT

MCXARUN