The trigger for gold's rise was the decision on Friday by ratings agency Fitch to cut Greece's debt ratings by three notches. Safe-haven bids gathered steam as doubts grew about Spanish austerity measures and Italy suffered a credit outlook downgrade. Gold ETFs saw their first daily inflow in nearly 3weeks on Friday, the biggest 1day inflow in a month.
Now technically market is trading in the range as RSI for 18days is currently indicating 58.9, where as 50DMA is at 21722.16 and gold is trading above the same and getting support at 22197 and below could see a test of 22093 level, And resistance is now likely to be seen at 22360, a move above could see prices testing 22419.
Trading Ideas:
Gold trading range is 22093-22419.
Gold climbed after raft of unsettling news on indebted nations dented investor confidence.
Gold looks to take support at 22197 and resistance at 22360.
Spdr gold trust holdings rose by 7.58 tonnes to 1209.53 tonnes.
Silver finished flat to lower at +0.1 53331, but substantially better than most other commodities. Gold’s sister precious metal settled with a loss of $0.18, or 0.5%, at $34.90 per ounce.
Several unnerving developments occurred in Europe over the weekend that spooked investors. S&P’s lowered its outlook on Italy’s credit rating, Spain’s ruling Socialist political party suffered its worst-ever defeat in regional elections, and government bond yields on Greek debt spiked to fresh all-time highs. The concerns pressured the euro currency, which dipped below 1.40 against the U.S. dollar. The stronger dollar provided a headwind for cyclical commodities and pressurized base metal and crude.
In silver ETFS, holdings fell by more than 10 million ounces last week to a new low for the year. Now technically market is trading in the range as RSI for 18days is currently indicating 40.43, where as 50DMA is at 59966.54 and silver is trading below the same and getting support at 52717 and below could see a test of 52102 level, And resistance is now likely to be seen at 53790, a move above could see prices testing 54248.
Trading Ideas:
Silver trading range is 52102-54248.
Silver finished flat to lower at +0.1 but substantially better than most other commodities
Silver is having resistance at 53790 and support at 52717 level.
Holdings at ishares silver trust fell by 15.17 tonnes to 10136.99 tonnes
No comments:
Post a Comment