6:31 PM
Nifty Tips
Gold futures fell for the first time in seven sessions as the dollar halted its slide and thereby, reducing gold’s alternative investment demand. The greenback rose asmuch as 0.42% against a basket of six major currencies after reports showed that Chicago purchasing managers’ survey was higher than forecast and U.S. jobless claims unexpectedly fell. U.S. also raised its estimates of second quarter GDP growth and personal consumption growth.
The market remains strong and every dip will be met with buying. Though gold seems to be overbought at this point, but the market is having a hard time selling off this precious metal. Overall market sentiments also look positive as Asian stocks and other metals climbed on positive Chinese manufacturing data. Japan’s deflation moderated and the unemployment rate fell. We may see gold remaining firm in international markets while the same may see limited upside in India due to stronger rupee.
COMEX Gold December Futures: Recommendation
Buy at 1307-1309 TP 1317, 1322 SL 1297
MCX Gold December Futures: Recommendation
Buy above 19260 TP 19330 SL 19220
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