Gold resistance likely at 13350
02 July 2008 10:47:14
Gold opened at 930.25/931.25 in New York. Prices responded strongly to record-breaking oil, and rallied most of the morning. The metal reached resistance around 944.00 where it range-traded for a while. However, a weakening dollar dragged gold marginally higher, peaking at 946.00/947.00 before falling slightly. Gold closed at 942.50/943.50. Now support for the gold MCX is seen at 12949 and below could see a test of 12692. Resistance is now likely to be seen at 13350, a move above could see prices testing 13494.
• SELL GOLD BELOW 13180 SL 13236 TGT 13157-13116-13060. MCX
• SELL BELOW 13000 TGT 12940-12860. MCX
• TRADING RANGE IS 12692-13494.
MCXARUN
9994500540
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