MCX Gold Tips- Fundamental and Technical View with trading Recommendations

Morning Session

Comex CMP: US$1,292.20/oz

Comex Gold (Oct)

Fundamental View: Gold slipped on Tuesday following a fresh record high of an even $1,300 an ounce in the previous session, as a rebound in the US dollar against the euro prompted speculators to lock-in gains. It had struck a record on Monday on concerns over a global economic recovery and a weaker dollar. As investor uncertainty over the outlook for global markets drives gold to record highs,delegates polled at the London Bullion Market Association annual conference see no end to the rally any time soon. Gold's surge to another record failed to curb demand from India, where good monsoon rains raised hopes of better income for farmers. The euro fell from a five-month high against the US dollar on Monday as worries about fiscal debt Gold problems in euro zone countries such as Ireland High Low Close %Chg OI weighed on the currency.

Technical View: Indicators continue to show MCX Oct (Rs/10gm)19,139 19,061 19,079 0.3 11,289

neutral tendencies with RSI in the neutral zone

and MACD above the zero line indicating NCDEX Oct (Rs/10gm) 19,150 19,120 19,150 (0.5) 11,600

bullishness.

COMEX Oct (US$/oz) 1,300 1,294 1,297 0.0 21,328

Recommendation: While below $1,301 it could

attempt to test $1,290 levels. Daily close below

$1,289 could result in a sharp corrective decline

towards $1,272 levels now.

MCX Gold (Oct)

Recommendation: While below Rs19,140 it

could attempt to test Rs18,980 levels. Daily

close below Rs18,960 could result in a sharp

corrective decline towards Rs18,710 levels.

Posted in: Comex Gold,Fundamental view,Gold Trading,MCX Gold Tips,Technical View