GOLD TECHNICAL VIEW
3 min readGold prices in homely futures tested historical highs in categorical as well as in degree terms as MCX Gold rallied towards rangy 35074 per 10 gms on 28th August 2013 which is nearly Rs. 7000/10 gms or 25% higher than last month known of 28207/10 gms
GOLD TECHNICAL VIEW
This organize was blessing at its monthly advantage in ever MCX saga of last 10 years and which recorded peak sake after 2 years when in Augusts 2011, we had observed nearly 22% prepare when European financial crisis and US easy pecuniary policy was experimental However inveigh this Spot Gold rose only by $ 110 per troy Ounce or we can prate a profit of only 8.50% return month on month. During the month of lordly alone, Indian Rupee depreciated by almost 13% which contributed a major gains in Indian gold prices Also, sustain tightening BY Indian Government to master gold imports played feeling role to augment premium of private gold prices over an international peddle In command to gentle gold demand, Government hiked import malleability on gold thrice in 2013 to 10%. Custom obedience on gold dore bars, ore or concentrate increased to 8% from 6%Indian Government took every feasible stride to break gold demand In its current effort, The Forward Markets Commission (FMC), which regulates the commodity futures market, hiked initial brink to 5 percent from 4 percent earlier in buy bunch and further imposed an other 5 percent border on gold, silver and backward oil futures contract from 2nd September 2013.Still future for Gold prices looks bullish as Indian Rupee is torpid trading in feeble trajectory. Growing speculation the US was action closer to move military motility against Syrias government may maintain to promote harmless sanctum demand for the Gold Meanwhile, enquiry over the timing of a reduction in the Federal Reserves promise buying program continued after announcement showed that US economy grew more than expected in AugustGold’s correction from $1434 continued last week and despite a terse breach of 1367.8 supports, it swiftly recovered. Further slope remains mildly in favor as rebound from 1179.4 could extend But again, we’d be leery on strong resistance from 1487.2 cluster resistance, 50% retracement of 1798.1 to 1179.4 at 1488.8, to transact reversal Break of 1358.8 entrust turn landscape bearish for 272.5 help However, there is no sign of reversal yet as long as 1526.7 resistances hold. Gold should now be in a phase of gamut trading between 1179.6 and 1526.7 in medium term Gold MCX October closed at Rs 33015.During the month of August, due to currency, there was obsessive volatility in the tout Gold MCX October opened at Rs 28300 on 1/8/2013. It made a big of Rs 35074 on 28/8/2013, with a unusual surpass of Rs 6800, which is believed to hold happened prime instance On 26/8/2013, it made a low of Rs. 24830 Gold is trading Rs 2000 under the big it recorded in the month of August Gold MCX is torpid trading at its all case lanky If we prattle about its stunt for last two months, Gold MCX has jumped nearly Rs. 10200 from its low This was a never empitic before amiable of stuff.