Gold prices are at gains and showing an upward trend in the market. Even broad positive trend is intact, the trend looks exhausted after recent runs and requires a dip lower before the next swing higher 22800/22730 may be the points that could initiate such swing higher. Alternatively, a direct sell off below 22680 may delay the chances of such rallies and drag prices lower towards 22450 later. Gold took a break from the recent rally as the market are waiting for US inflation data and EBA stress test results. Spot gold was hovering below the record high levels as Fed ruled out additional stimulus measures. However, uncertainties existing raising the debt limits in US and simmering debt situation in Euro Zone provided support. Spot gold had hit a all time of 1594.16 the previous day.
GOLD MCX (AUG)
Trend: Upward
Near term: upward.
R3 23420/23500
R2 23200/270/380
R1 22960/23030/140
Pivot 22900
S1 22800/730/680
S2 22520/400/240
S3 22040/21920