Wednesday, July 11, 2012

MCX Gold Silver Trend For Today- 11 July 2012


At MCX, Gold August Contract opened almost flat with negative bias and currently trading at around 29250 down more than 0.50%. MCX Gold August contract expected to trade in range of 29200-29800 for near term.
International Gold futures are modestly lower near 1575 USD per ounce. But, overall, the Gold market remains trapped in the middle of a two-month sideways range from last few days.The key support is $1530 per ounce on the downside and resistance at $1630 per ounce in Spot Gold. MCX Gold to take support near Rs 29450 and resistance at  Rs 29800 per 10 grams. 


 A strong breakout with two continuous settlements either support or resistance would be a signal that either the bears or bulls are reasserting control. Till than, This  yellow metal will remain neutral and market expected to trade said range.

3 comments:

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