09 August Friday View

Gold had an awesome gain yesterday of Rs. 668/10gm and technically as we discussed yesterday we have an evening star, now the question is will this 30785 (USD 1276.77) level provide  good support for further upside gains. For that, price for sure will have to close with another high today. For that the yellow metal needs economic data release the way that supports it, which, we don't have much on U.S. and European front today. Yesterday's propel was after the U.S. jobless claims came out a little bit disappointing, well, better than expected of 336 K but disappointing as it came 333 K which is higher than of last month 328 K. So, the talk today we have that may propel the price further up ahead is, it broke the USD 1300 level yesterday and  now trading above  this psychological level at 31649 (USD 1312.62).

We are expecting to see further upmove once it breaks above 31875 (USD 1321.97). On downside, we have 31325 (USD1299.16) and 31000 (USD 1285.68) levels support.

Trade Happy, Trade Safe :)