Commodities Market: Technical Outlook
October 11, 2011
R2=1705.94
R1=1689.88
PP=1667.10
S1=1651.04
S2=1628.26
Yesterday, gold traded in a range of 39.35$ and closed higher at 1677.32$, up 41$. Currently, gold is trading around the 100-DMA; any rise from here will open the way towards 1700$,Buy gold above $1670 next targets will $1682, $1688 and $1700. If gold breaks $1666 then selling is recommended and downside targets will $1654, $1638 and $1620.
Fundamental:
Gold prices edged higher, building on a rally of more than 2% in the previous session, as optimism on resolving euro zone's debt crisis lifted mood in gold. The European Union on Monday postponed a summit by a week to allow time for a broader solution to Greece's debt crisis, after Athens said it had concluded talks with international lenders on an aid payment needed to avert default.
By
M.Zohaib Gadit
Forex Trading Consultant
No comments:
Post a Comment
Feel free to comment.