The sky's' the limit for gold price hike

The sky's' the limit for gold price hike
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Published June 7th, 2012 - 14:00 GMT via SyndiGate.info

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Gold also climbed on the possibility the Fed will consider more action to stimulate growth in economy
Gold also climbed on the possibility the Fed will consider more action to stimulate growth in economy
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Angel Commodities
,
Kedia Commodities Edelweiss Comtrade
,
US Federal Reserve

Gold trading range for the day is 29878 30388. Technically market is trading in the range as RSI for 18 days is currently indicating 66.93 where as 50 DMA is at 29247 and Gold is trading above the same and getting support at 29972 and below could see a test of 29878 level And resistance is now likely to be seen at 30227 a move above could see prices testing 30388.

Gold jumped to test 30295 after the ECB kept rates unchanged and pledged to extend some of its liquidity providing operations. Gold also climbed on the possibility the Fed will consider more action to stimulate growth in economy.

For the day coming by Expect Gold prices to continue rising with Gold expected to touch 30400 level but investors are advised to build the buying at lower levels as profit booking may shun the prices at the evening session.

On the domestic front prices gained around 1 percent and closed at Rs.30 065/10 gm after touching an intraday high of Rs.30 295/10 gm on Wednesday. However appreciation in the Indian Rupee capped further gains in yellow metal prices.

With inputs from Kedia Commodities Edelweiss Comtrade and Angel Commodities. Looking for Trading Advisories? Visit tips. commodityonline.com

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