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MTECHTIPS:- GOLD
Gold continued the downtrend in yesterday’s trade as the commodity slipped below 28400 levels and closed with losses. MCX Gold will face strong resistance above the 28600 levels for the session ahead and holding above will open up 28800 levels. On the other hand gold has strong support below 28200 levels and any dip below will test the support of 28000. Gold has broken the uptrend, and if the commodity holds below 28000, lower levels may be seen in coming days.Comex gold futures prices ended moderately lower Friday, closing out the trading week by hitting another fresh 4.5-month low and producing a technically bearish weekly low close. Most markets were under selling pressure Friday following the surprise news that marketplace heavyweight JP Morgan suffered a massive trading loss. The key outside markets—crude oil and the U.S. dollar index—were also in a bearish mode for the precious metals Friday, as the dollar index was firmer and crude oil prices were lower. June gold Friday afternoon traded down $14.50 at $1,581.00 an ounce. Spot gold Friday afternoon was quoted down $12.20 an ounce at $1,581.75. July Comex silver Friday afternoon traded down $0.303 at $28.87 an ounce.
Gold continued the downtrend in yesterday’s trade as the commodity slipped below 28400 levels and closed with losses. MCX Gold will face strong resistance above the 28600 levels for the session ahead and holding above will open up 28800 levels. On the other hand gold has strong support below 28200 levels and any dip below will test the support of 28000. Gold has broken the uptrend, and if the commodity holds below 28000, lower levels may be seen in coming days.Comex gold futures prices ended moderately lower Friday, closing out the trading week by hitting another fresh 4.5-month low and producing a technically bearish weekly low close. Most markets were under selling pressure Friday following the surprise news that marketplace heavyweight JP Morgan suffered a massive trading loss. The key outside markets—crude oil and the U.S. dollar index—were also in a bearish mode for the precious metals Friday, as the dollar index was firmer and crude oil prices were lower. June gold Friday afternoon traded down $14.50 at $1,581.00 an ounce. Spot gold Friday afternoon was quoted down $12.20 an ounce at $1,581.75. July Comex silver Friday afternoon traded down $0.303 at $28.87 an ounce.
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