Gold price yesterday traded mixed and settled flat at 22348 that is down by -0.05% before this we ahve seen market tested the support at 22222 and recovered amid inflationary concerns in China and continued tumult surrounding the Greek debt crisis. Chinese authorities reported overnight that CPI jumped 5.5% in May, slightly above forecasts of 5.3%. International market has continued strongly in gold and silver. But the marginal gains in gold and silver has been witnessed.
This has raised anxiety in markets, enhancing the safe-haven appeal of precious metals, especially gold and silver. Now technically market is trading in the range as RSI for 18days is currently indicating 46.59, where as 50DMA is at 22450.5 and gold is trading below the same and getting support at 22252 and below could see a test of 22155 level, And resistance is now likely to be seen at 22415, a move above could see prices testing 22481.
Trading Ideas:
Gold trading range is 22155-22481.
Gold recovered from lows to settle flat boosted by simmering inflation pressures in China
Gold looks to take support at 22252 and resistance at 22415.
In spot gold looks to take support at 1518$ and resistance at 1534$ level.
August gold futures on Comacs 1526.5 dollars per ounce above the level of expression is reached. Gold in the last half per cent of businesses taking advantage of the dollars per ounce closed at 1524.4.
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