Gold opened firmer at 21111 and maintained the positive momentum and tested the high of 21190, but crashed down on peace talk with Libya and more pressure seen after the job data in the evening which made gold to test the day's low of 20833 and finally settled at 20858 down by -1.41%, and in Comex it fell to $1,417.95 a troy ounce, the lowest price since March 1. On Wednesday, Fed said in its Beige Book that the US labor market improved throughout early this year, driven by increasing retail sales and "solid growth" in manufacturing. Now technically market is trading in the range as RSI for 18days is currently indicating 66.91, where as 50DMA is at 20501.6 and gold is trading above the same and getting support at 21098 and below could see a test of 21045 level, And resistance is now likely to be seen at 21197, a move above could see prices testing 21243.
Trading Ideas:
Gold trading range is 20603-21317.
Gold fell sharply due to falling oil prices and anti-inflationary remarks by
the head of ECB
Gold is having support at 20780 and resistance at 20920 level.
Spdr gold trust holdings fell by 0.34 tonnes to 1210.62 tonnes. Source Commodity Trading Tips for Gold by KediaCommodity For the latest updates PRESS CTR + D or visit Stock Market news Today
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