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MTECHTIPS;-MCX Gold trend uncertain; support 27950, 27600 and resistances 28300 and 28550

MTECHTIPS;-MCX Gold trend uncertain; support 27950, 27600 and resistances 28300 and 28550

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Published by MtechTips
MTECHTIPS;-MCX Gold trend uncertain; support 27950, 27600 and resistances 28300 and 28550

The trend in gold futures for August delivery on India's Multi Commodity Exchange (MCX) is certain and intra-day traders advised to remain cautious while taking positions for the day.“For intra-day, resistance for the commodity is seen at 28300 levels if break than it has next resistance of 28550. Support for the futures is seen at 27950 and 27600 levels,” said Tarang Parmar, Research Analyst at Commodity Online. MCX gold for August delivery was seen trading up by 0.33% at Rs.28043 per 10 grams as of 03.53 PM IST on Thursday.India's net gold imports have recorded a fall from an average of $135 mn in the first half of May to $36 mn in the second half of the month, said Finance Minister P.Chidambaram on Thursday. He further noted that, the fall in gold imports should have positive impact on the domestic market.In Asia, gold recorded an up-trend on Thursday as Asian stock recorded a fall followed by weak US Dollar.Gold demand from China might have supported the gold prices to some extent as Chinese markets returned from a three -day holiday on Thursday.US data on Export Price Index, Import Price Index, Initial Jobless Claims and Retail Sales is scheduled to be released at 06.00 PM IST today. The outcomes from the data released may impact gold movement in the global market to extent.Gold futures on Globex platform of Comex for August delivery was seen trading in the range of $1370-$1425 for the last a few days. The futures was seen trading down by 0.39% at $1386.55 per troy ounce as of 02.00 PM IST on Thursday.
WWW.MTECHTIPS.COM
07489294118-119
MTECHTIPS;-MCX Gold trend uncertain; support 27950, 27600 and resistances 28300 and 28550

The trend in gold futures for August delivery on India's Multi Commodity Exchange (MCX) is certain and intra-day traders advised to remain cautious while taking positions for the day.“For intra-day, resistance for the commodity is seen at 28300 levels if break than it has next resistance of 28550. Support for the futures is seen at 27950 and 27600 levels,” said Tarang Parmar, Research Analyst at Commodity Online. MCX gold for August delivery was seen trading up by 0.33% at Rs.28043 per 10 grams as of 03.53 PM IST on Thursday.India's net gold imports have recorded a fall from an average of $135 mn in the first half of May to $36 mn in the second half of the month, said Finance Minister P.Chidambaram on Thursday. He further noted that, the fall in gold imports should have positive impact on the domestic market.In Asia, gold recorded an up-trend on Thursday as Asian stock recorded a fall followed by weak US Dollar.Gold demand from China might have supported the gold prices to some extent as Chinese markets returned from a three -day holiday on Thursday.US data on Export Price Index, Import Price Index, Initial Jobless Claims and Retail Sales is scheduled to be released at 06.00 PM IST today. The outcomes from the data released may impact gold movement in the global market to extent.Gold futures on Globex platform of Comex for August delivery was seen trading in the range of $1370-$1425 for the last a few days. The futures was seen trading down by 0.39% at $1386.55 per troy ounce as of 02.00 PM IST on Thursday.
WWW.MTECHTIPS.COM
07489294118-119

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Published by: MtechTips on Jun 13, 2013
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MTECHTIPS
MCX Gold trend uncertain; support 27950,27600 and resistances 28300 and 28550
The trend in gold futures for August delivery on India'sMulti Commodity Exchange (MCX) is certain and intra-day traders advised to remain cautious while taking
positions for the day.“For intra
-day, resistance for thecommodity is seen at 28300 levels if break than it hasnext resistance of 28550. Support for the futures is seen
at 27950 and 27600 levels,” said Tarang Parmar,
Research Analyst at Commodity Online. MCX gold forAugust delivery was seen trading up by 0.33% atRs.28043 per 10 grams as of 03.53 PM IST on Thursday.
India’s net gold imports have recorded a fall from an

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