A spirited rebound from the days lows yesterday failed to extend in the early moves in Asia today as the commodity slipped and hovered around $780 mark for the benchmark COMEX futures. A combination of poor global economic releases and continued supply crunch in global markets. has failed to keep the commodity above $800 and most of the market participants. are surprised as to why the metal, has not been able to surpass its all time highs achieved earlier this year despite of the scenario turning in the favor of the commodity even further in the last few weeks.
COMEX Gold came off a high of $783.70 an ounce and currently trades at $778.10, down $5.20 an ounce. The counter may be expected to find a support around $771 mark. MCX Gold trades at Rs 12568 for the February 2009 contract; down Rs 39 from the previous closing price with 2.46% increase in the open interest. Dips account for a buy with Rs 12510 – 12520 acting as a crucial support.
COMEX Gold came off a high of $783.70 an ounce and currently trades at $778.10, down $5.20 an ounce. The counter may be expected to find a support around $771 mark. MCX Gold trades at Rs 12568 for the February 2009 contract; down Rs 39 from the previous closing price with 2.46% increase in the open interest. Dips account for a buy with Rs 12510 – 12520 acting as a crucial support.
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