In eight weeks, Gold grew up to its strongest as dollar fell beside the euro, with worries that the U.S. economic recovery was standing likely to make the metal to new highs. Gold registered its fourth consecutive upbeat week Rs 18,897, after trading as sky-scraping as Rs 18,998 this week in a move that started at Rs 17,700 five weeks ago. Our short term target on this bull move is the June record high of Rs 19,285, as we remain bullish on gold with a short term stop loss below Rs 18,650. Spdr gold trust holdings increased by 0.61 tons to 1,298.56 tons, said Ajay Kedia, managing director, Kedia Commodities.
The support for the gold MCX is observed at Rs 18,883 and below could see a test of Rs 18,869. Confrontation is now likely to be seen at Rs 18,909, a move above could observe prices testing Rs 18,921.
He suggested buying in MCX gold October contract at Rs 18,870, with stop loss of Rs 18,840 and target of Rs 18,900-18,932-18,960.
- Oil bounds more than USD 75 a barrel
- Oil cascades to near USD 75 a barrel
- Oil bounds more than USD 77 a barrel
- Oil scales to near USD 76 a barrel
- Oil cascades near to USD 75 a barrel
- Oil cascades near to USD 72 a barrel
- Oil climbs above USD 75 a barrel
- Oil cascades below USD 75 a barrel
- Oil prices falls further to 75.74 a barrel
- On August 12,the Reserve Bank of India`s (RBI) position rate for rupee devalued 0.86% besides US dollar at 46.94, contrasted to 46.54 on the preceding working day (August 11).
