Moving on up: Gold prices on the rise

Moving on up: Gold prices on the rise
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Published June 14th, 2012 - 13:40 GMT via SyndiGate.info

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The yellow metal touched an intraday high of $1624/oz and closed at $1617/oz in yesterday's trading session
The yellow metal touched an intraday high of $1624/oz and closed at $1617/oz in yesterday's trading session
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Angel Commodities
,
Kedia Commodities Edelweiss Comtrade
,
US Federal Reserve

Gold trading range for the day is 29787 30293. Market is getting support at 29911 and below could see a test of 29787 level And resistance is now likely to be seen at 30164 a move above could see prices testing 30293 Gold trading range for the day is 29787 30293.

Market is getting support at 29911 and below could see a test of 29787 level And resistance is now likely to be seen at 30164 a move above could see prices testing 30293. Gold traded mixed on MCX as settled with the marginal gain of +0.23% as support seen from the release of disappointing US retail sales data triggered hopes for a QE3 by the Fed.

Investors were also jittery ahead of general election in Greece which could determine the country s future in the euro zone. Spot Gold prices gained 0.5 percent yesterday on the back of weakness in the DX. The yellow metal touched an intraday high of $1624/oz and closed at $1617/oz in yesterday's trading session. On the MCX Gold August contract increased by 0.2 percent and closed at Rs.30 036/10 gm after touching an intraday high of Rs.30 168/gm on Wednesday.

However appreciation in the Indian Rupee capped further gains in prices. Bullion desk continued trading northwards for the second consecutive day as negative economics in the U.S. Supported speculations that the Federal Reserve will take further steps to spur growth in upcoming FOMC on 19th&8208 20th. Gold headed for the longest rally since January trading above $1610 indicating $1630. For the day coming Expecting bullions to continue trading positive due to strengthening Euro. COMEX Gold is expected to test $1630. With inputs from Kedia Commodities Edelweiss Comtrade and Angel Commodities.

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