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MTECHTIPS:-GOLD
Gold consolidated around 29200 mark as the commodity took support at lower levels intraday. MCX Gold will face strong resistance above the 29250 levels for the session ahead and holding above will open up 29400 levels. On the other hand gold has strong support below 28800 levels and any dip below will test the support of 28600. Gold sustaining above the 29200 levels is a positive signal and if it manages to trade higher more upside is seen.Gold futures extended losses in Asia along with the equities and other commodities as the European elections over the weekend added to jitters about the euro zone's future. Markets were already gloomy after poor jobs data which raised fresh fears about the health of the U.S. economy. In France, polls indicated that President Nicolas Sarkozy had lost to Socialist challenger Francois Hollande, who had indicated he wants to renegotiate Europe's fiscal compact and its tough budget rules. In Greece, exit polls indicated that the center-right New Democracy Party and the center-left Pasok party — both supporters of the country's most recent bailout — took a drubbing. MCX June gold may open today's session near Rs 29120 levels with support near Rs 29070 and Rs 29020 levels. COMEX June gold futures are trading down $6 at $16an ounce. It may find support near $1620 levels and resistance near $ 1670 levels.
Gold consolidated around 29200 mark as the commodity took support at lower levels intraday. MCX Gold will face strong resistance above the 29250 levels for the session ahead and holding above will open up 29400 levels. On the other hand gold has strong support below 28800 levels and any dip below will test the support of 28600. Gold sustaining above the 29200 levels is a positive signal and if it manages to trade higher more upside is seen.Gold futures extended losses in Asia along with the equities and other commodities as the European elections over the weekend added to jitters about the euro zone's future. Markets were already gloomy after poor jobs data which raised fresh fears about the health of the U.S. economy. In France, polls indicated that President Nicolas Sarkozy had lost to Socialist challenger Francois Hollande, who had indicated he wants to renegotiate Europe's fiscal compact and its tough budget rules. In Greece, exit polls indicated that the center-right New Democracy Party and the center-left Pasok party — both supporters of the country's most recent bailout — took a drubbing. MCX June gold may open today's session near Rs 29120 levels with support near Rs 29070 and Rs 29020 levels. COMEX June gold futures are trading down $6 at $16an ounce. It may find support near $1620 levels and resistance near $ 1670 levels.
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