MCX Gold Prices get in to a oneweek high on account of uncertainty regarding Greek debt crisis. Gold price are increased due to a weaker US dollar also which boosted Gold price demand as per the concern of precious metal at MCX and other commodity exchange. The bullion market is lingering concerns about further financial aid for Greece buoyed gold futures. COMEX Gold finished higher by 0.6%. The Bullion metal rallied despite vows from French President Nicolas Sarkozy and Germany Chancellor Angela Merkel that euro zone officials would ensure the stability of the euro amid the sovereign debt crisis in Greece. Meanwhile, CME has cut the amount of collateral required to trade gold futures in a move that may invite greater speculation in gold. Comex owner CME also lowered the initial and maintenance margin requirements for hedgers and exchange members, to US$4,500 from US$5,001 previously.
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GOLD MCX (JULY)
R3 22810/23055
R2 22645/22694
R1 22555/600
Pivot 22490
S1 22430/370/300
S2 22250/22140
S3 22080/21950
Trend: Consolidate
Near Term: Consolidate
