Thursday, March 24, 2011

Buying Sentiments lead Gold to 21000

Yesterday, Gold rallied by 0.50% settled at 21013 once again above 21000 marks re-approaching an all-time high as the safe haven appeal. 

Precious metals were boosted by ongoing turmoil in the Middle East and renewed concerns over the euro zone’s sovereign debt crisis.

On Thursday, Gold April delivery contract rose by 0.10 percent to 21025 rupees per 10 grams. Gold price failed to cross weekly high levels due to lack of volume in future trading ahead of uncertain outlook for list of US economy datas due next week.

Instantly Gold is getting support at 20920 and below could see a test of 20830 levels, and resistance is now likely to be seen at 21050, a move above could see prices testing 21120.

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Posted By Commodity MCX Tips