Gold futures scaled up for the third consecutive session today following the rally in the crude oil prices and weakness in US dollar. The crude oil futures bottomed out from the low of $40.81 levels hit last week while the US dollar also lost some of its last week's gains against the Pound and single currency thereby making the gold stay higher. February dated COMEX Gold futures rallied further striking a high of $ 785 per ounce.
The $788 level should act as a crucial upside level and a move about that may result in a break of $800 mark. The lack of data releases from US this week and no major data releases from Europe may result in tight movement in the currencies and hence gold may also have sluggish movement. MCX Gold benchmark futures are also trading up Rs 39 at Rs 12388 per 10 grams. The intraday traders are recommended to enter long at current levels with the target of 12450 and 12580.
The $788 level should act as a crucial upside level and a move about that may result in a break of $800 mark. The lack of data releases from US this week and no major data releases from Europe may result in tight movement in the currencies and hence gold may also have sluggish movement. MCX Gold benchmark futures are also trading up Rs 39 at Rs 12388 per 10 grams. The intraday traders are recommended to enter long at current levels with the target of 12450 and 12580.
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