July 30, 2011

Gold Prices Daily Newsletter 30 July | MCX Online 30 July

MCX Gold is showing recovery in market for more than half of the losses it incurred in the last two days. But still their is an indecisiveness in the market for Gold prices at MCX and Global market. MCX Gold is trading largely range bound ahead of crucial US data to be released later today. Uncertainty existing in US debt issues provided a firm support. Dollar rose against Euro after credit rating agency Moody warned of a possible downgrade of Spain. LME Copper earlier today hit more than three month’s high but later fell. Crude oil MCX prices fell as dollar strengthened. 

International SPOT GOLD Commentary:
The Gold at international market seen to plunge below 1600. The Gold patterns emerging from the trades so far in the week illustrate buyers being reluctant to push gold too high face of heightened uncertainty, but were equally willing to jump in at lower levels. To this end, it looks appropriate to readjust the downside breakout level to 1600, with  the immediate trading range seen as 1610-1620, a penetration past the same should not be construed as a signal for directional move. From a broader angle, breakout range is set as 1586-1635. 
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