Wednesday, May 30, 2012

Commodity Gold News


Gold edged down on Wednesday as investors continued to fret about the euro zone debt crisis with Spain's borrowing costs spiralling towards unsustainable levels, keeping the euro close to its lowest level in nearly two years.


Gold continues to eye the important psychological $1,600-per-ounce level, with moderate to good macro buying seen on dips but physical interest still limited, said MKS Capital in a briefing.
With the Indian rupee continuing to trade close to all-time lows versus the U.S. dollar, physical gold buying from one of the world’s largest gold-consuming nations continues to dwindle, but other Asian physical buyers such as China have picked up some of the slack.

Technically, the next immediate resistance cuts in at $1589.20 (23.6% February-May retracement), then $1,600 followed by the $1,618-1,630 area, where we have the 50 DMA (50-day moving average) and the March downtrend line

1 comments:

Imran Khan said...

Precious metals update for today given by Epic Research includes that Gold trading range for the day is 26800-27000

 
Posted By Commodity MCX Tips